EG&G Acquires Lumen
In a move to enhance its optoelectronic product offerings, EG&G Inc. has acquired specialty lighting manufacturer Lumen Technologies Inc. for approximately $145.3 million in cash plus assumption of debt for a total of about $250 million. EG&G purchased 18,754,556 shares of Lumen common stock—approximately 93% of the total amount—at $7.75 per share. Holders of any remaining Lumen stock will have the right to receive $7.75 per share in cash.
According to James Reade of EG&G Optoelectronics, Lumen will be rolled into the optoelectronics business segment. Plans call for the Lumen's existing facilities in CA, CT, the UK, and Italy to remain operational.
Lumen had pro forma 1997 sales of $138.4 million and pro forma six month 1998 sales of $77 million.
EG&G reorganization
In a related story, EG&G has finished restructuring into five strategic business units:
- Optoelectronics—including light-based technology such as: micromachined sensors; amorphous silicon detector panels, flashlamps, specialty lighting, CCDs, X-ray tubes, detectors and photodiodes
- Instruments—including x-ray imaging, vision systems, analytical instruments, photolithography; testing simulations
- Engineered products—static and dynamic sealing, bellows devices, pneumatic components, systems and valves
- Technical services—technical and analytical support for various government agencies and defense contractors
- Life Sciences—instrumentation and consumables
The Company will report its fourth quarter and year-end 1998 financial results based on this structure.