Avimo to buy European Optics Manufacturer Neeb-Optik

Optical component and laser systems manufacturer Avimo Group Ltd. has announced plans to acquire the Neeb-Optik group of companies for approximately $8.27 million in cash. Under the terms of the agreement, $5.27 million will be paid immediately upon the completion of the proposed acquisition, with an additional three annual payments due thereafter. In exchange, Avimo will acquire 100% of the outstanding stocks of German-based Neeb-Optik Wetzlar GmbH and Hungary-based Neeb Optikai Rendszerek, as well as the facilities and properties involved.

Avimo will operate the optical components manufacturing group as a wholly-owned subsidiary, reporting to Avimo Group Ltd. in Singapore. Avimo North America will handle the business development plan, as well as U.S. marketing and distribution. There are currently no plans to consolidate facilities or change management. "Our management style is to leave successful folks in place," says Robert Hogrefe, managing director of Avimo North America. "Both companies bring particular advantages to bear, Germany for its precision optics renown, and Hungary for its ability to cost-effectively produce large volumes."

The acquisition is slated for completion by November 30, 1998.