Luna Innovations Inc. (NASDAQ: LUNA) says it has purchased Atlanta-based Micron Optics, Inc., which provides optical components and laser-based measurement technology. Terms of the deal were not disclosed.
Micron Optics’ sensing and measurement products are used in several industries and applications. These include automotive and aerospace, which Luna described as its core customer base and therefore quite complementary to its current activities. The addition of Micro Optics’ portfolio will extend Luna’s offerings into higher-speed, longer measurement range areas, the company asserts, as well as expand its customer reach, particularly more direct access to customers in Asia through Micron Optics’ overseas sales channels.
“This acquisition exemplifies execution of the strategy we’ve developed. The acquisition of Micron Optics fits squarely within our core technology platform and target markets, and we believe will act as a catalyst to accelerate growth,” said Scott Graeff, president and CEO of Luna. “We are focused on scaling our two vertical markets – structural testing and sensing as well as communications testing – with a particular emphasis on the growing aerospace and automotive areas. We intend to drive growth organically and through the strategic deployment of capital. This acquisition is a prudent use of capital that is quickly accretive to our earnings, consistent with the parameters I’ve outlined previously, in terms of driving long-term value creation.”
The communications test instruments to which Graeff alluded include component analyzers, reflectometers, and tunable lasers (see, for example, “Luna Technologies offers OBR 4600 Optical Backscatter Reflectometer”). The company sold its optoelectronics business to OSI Optoelectronics this past August (see "Luna sells optoelectronic business to OSI Optoelectronics")
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