(GLOBE NEWSWIRE) - The LUMIBIRD Group (FR0000038242 - LBIRD), the European leader in laser technologies, completed on August 31 the agreement with the Italian company Prima Industrie to acquire its subsidiary Convergent Photonics (Turin, Italy) and the Convergent assets of Prima Industrie North America (Boston, USA). This acquisition provides Lumibird with innovative solutions and autonomy in semiconductors and high-power fibre lasers, while opening up new markets.
Lumibird today finalised the acquisition of Convergent Photonics, following the lifting of all conditions precedent and in particular the obtaining of regulatory approvals. The new subsidiary, named “Lumibird Photonics Italia”, is based in Turin, Italy. The Convergent assets held by Prima Industrie North America (USA) are taken over by Lumibird Photonics USA (formerly Quantel USA).
This acquisition has a double strategic interest for Lumibird by strengthening its autonomy in semiconductors and very high power fibre lasers technologies, and by opening up new market segments. The arrival of semiconductors also complements the strategic investments already made in fibre optics and related components. It will enable Lumibird to become an independent supplier of critical components, and will give it greater capacity for innovation in terms of materials and components, while internalising the margins on expensive components.
Lumibird financed its acquisition by drawing on the bank lines available to the group, in compliance with the covenants.
Next date: 2023 half-year earnings on September 26, 2023 (after close of trading)
LUMIBIRD is one of the world's leading laser specialists. With 50 years of experience and mastering solid-state, diode and fibre laser technologies, the Group designs, manufactures and distributes high-performance laser solutions for scientific (research laboratories, universities), industrial (production, defence/space, Lidar sensors) and medical (ophthalmology, ultrasound diagnosis) applications.
The result of the merger in October 2017 between the Keopsys and Quantel Groups, LUMIBIRD, with more than 1,000 employees and more than €191m in turnover by 2022, is present in Europe, America and Asia.
LUMIBIRD shares are listed in compartment B of Euronext Paris. FR0000038242 - LBIRD www.lumibird.com
LUMIBIRD is part of Euronext Tech Leaders since 2022