Newport Corp. Buys Commercial Optics Unit
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Irvine-based Newport Corp. said Thursday that it acquired Corning Inc.’s commercial optics business in a cash transaction. Terms were not disclosed.
Newport, which makes components for semiconductor equipment, said it expects the acquisition of the Corning OCA unit in Garden Grove will boost earnings immediately. Analysts expect the company to post earnings of 31 cents a share for the fourth quarter and 87 cents a share for the year, according to a First Call/Thompson Financial survey.
Corning OCA, a maker of precision optical products systems, expects pro forma sales of about $10 million for the year, Newport said.
Newport plans to consolidate the optics operations at Corning OCA’s Garden Grove location.
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