II-VI Incorporated Announces Acquisition of Max Levy Autograph
During this past year, MLA has also become a qualified supplier to II-VI’s Exotic Electro-Optics, Inc. (EEO) subsidiary for various products which require EMI gridding. MLA’s 30 person workforce generated revenues of approximately $5 million for the 12 months ended September 30, 2010. Financial terms of the transaction were not disclosed.
Francis J. Kramer, president and chief executive officer of II-VI Incorporated stated, “MLA adds products and technology well matched with the products and markets served by our EEO subsidiary. During the qualification of MLA as a supplier of EMI grids it became clear the combination of these groups would provide a stronger platform for continued growth in the defense industry and potentially enable market diversification over the longer term. As such, MLA will operate as part of our EEO subsidiary which is consolidated into our Military & Materials business segment. We are delighted to welcome the MLA employees to our company.”
Donald Sedberry, president and major shareholder of MLA commented, “This acquisition provides an excellent opportunity to continue MLA’s long history of supporting our customers with advanced technology development, plus it sets in place a solid foundation for growth. The management, technical and manufacturing personnel of MLA, EEO and II-VI Infrared Optics have worked effectively together and developed a high level of respect for one another. This merger is expected to improve our capabilities to serve our current customers and uncover opportunities to expand our business. We believe the innovative and energetic MLA team is a great fit with the culture and technology of EEO.”