IPG Photonics Corporation (Oxford, MA) has signed a definitive agreement to acquire privately-held Genesis Systems Group, LLC (Davenport, IA), an integrator of robotic welding and automation systems. The transaction has been approved by the board of directors of each company. Subject to satisfaction of customary closing conditions, including regulatory approval, the transaction is expected to close in the fourth quarter of 2018.
Based in Davenport with production facilities in the U.S., Mexico and Japan, Genesis is a qualified robotic systems integrator for more than 300 blue-chip customers in the transportation, aerospace and industrial end markets. They have more than 35 years of robotic system design and integration experience, having integrated more than 6,500 robots with workcells in 43 U.S. states and 17 countries. They develop innovative robotic system systems for applications that include welding, non-destructive inspection, machine vision, materials handling, removal and dispensing.
“This acquisition is an important step in our evolution to becoming a more complete provider of welding solutions and strategic partner to end customers,” stated Dr. Valentin Gapontsev, the chief executive officer of IPG. “We have been a supplier to Genesis for many years and their customers have embraced our new technologies and products. We plan to leverage their unique expertise in robotic systems integration to accelerate laser processing within the transportation, aerospace and industrial end markets. In addition, they will provide a route to market for our advanced laser welding and laser cleaning solutions.”
“By combining our proven process, automation expertise and customer footprint with their leading-edge portfolio of laser technology, the combined companies are uniquely capable of driving penetration of laser processing and delivering greater value to customers,” stated Pat Pollock, the’ president and chief executive officer of Genesis. The cash purchase price is $115 million, subject to customary closing adjustments. Genesis has approximately 380 employees and is expected to achieve approximately $100 million in revenue for the fiscal year ended December 31, 2018. This acquisition is expected to be approximately neutral to IPG’s earnings per diluted share, including amortization of acquired intangibles, for the fiscal year ended December 31, 2019.
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