ShareThis Page
II-VI acquires advanced ceramics producer for $71.4M |
Local Stories

II-VI acquires advanced ceramics producer for $71.4M

II-VI Inc., a high-tech optics manufacturer based in Saxonburg, said on Thursday it acquired a Connecticut-based developer of advanced ceramic materials for at least $71.4 million in cash.

M Cubed Technologies Inc. is a privately held company based in Newton, Conn., that also develops precision motion control products. It had $52 million in revenue in the year ended June 30.

M Cubed’s 200 workers are expected to join II-VI, which employs 6,030 people, including 450 in Saxonburg. The acquired company’s employees will remain based at their plant in Monroe, Conn., administrative office in Newtown, Conn., and plant in Newark, Del., said Craig Creaturo, chief financial officer of II-VI.

As a result of the deal, which closed Thursday, II-VI said it expected revenue in the year ending June 30 to range between $585 million and $595 million, up from the previous $550 million to $560 million.

Annual earnings are now expected to range between $1.01 and $1.09, up from the previous $1.00 to $1.06.

II-VI might pay as much as $2.5 million more for the company by yearend, depending on customary adjustments to working capital. The local company said it exercised an option to expand its unsecured credit facility with PNC Bank to $80 million from $50 million.

The M Cubed operation will be folded into II-VI’s Advanced Products Group.

TribLIVE commenting policy

You are solely responsible for your comments and by using you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.