Excel Technology Acquires Synrad

In a move designed to establish a foothold in the carbon dioxide laser market, laser and electro-optic component manufacturer Excel Technology Inc. (New York, NY) has acquired the assets of Synrad Inc. (Mukilteo, WA). The total cash outlay for the acquisition was $22 million, which included discharging the Synrad bank debt, as well as certain other obligations and expenses related to the transaction. The funds came primarily from Excel's existing cash along with some bank borrowings.

Synrad reported revenues in excess of $20 million last year. According to Excel chairman and CEO J. Donald Hill, the company expects the acquisition to be accretive in the first full year of ownership. "Our companies offer beam-steered laser marking, micro machining, photo mask repair systems, galvanometer optical scanning technology," says Hill, "but low-cost sealed CO2 technology was missing. A significant gap in our strategy has now been filled with the acquisition of Synrad."