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Axsys Technologies Acquires Telic Optics

Published: Monday, May 31, 2004 - 22:00

Axsys Technologies Inc. has acquired Telic Optics Inc., a privately owned manufacturer of infrared optics and optical assemblies.

Headquartered in North Billerica, Massachusetts and founded in 1986, Telic employs 32 people and sells its products to manufacturers of thermal imaging cameras, defense prime contractors and research laboratories that design systems used in long-range reconnaissance, surveillance and targeting applications for the defense and homeland security markets.

Axsys is a leading supplier of metal optics and opto-mechanical assemblies used in reconnaissance, surveillance and targeting applications, primarily for air- and space-based applications. The acquisition of Telic provides Axsys with several strategic benefits.

Telic’s broad infrared optics capabilities increase Axsys’ product offerings and complement Axsys’ position in metal mirrors. Axsys estimates that the infrared lens market is three times as large as the metal optics market. In addition, Telic’s products are typically used in ground- and sea-based programs. This complements Axsys’ historical focus on air- and space-based programs and expands Axsys’ overall market and program penetration. The combination of Axsys’ and Telic’s opto-mechanical integration capabilities is expected to enable Axsys to increase its competitive advantage and technical offering to prime contractors who are seeking to outsource optics-based subassemblies.

The initial purchase price of the acquisition is $14.0 million with an additional $4.0 million earn-out over the next 36 months if certain revenue goals are achieved.

"Over the past year, we’ve been looking for companies that possess complementary technologies with exceptional engineering skills that share our vision to become a premier supplier of opto-mechanical components and subsystems," says Stephen W. Bershad, chairman and CEO of Axsys. "Telic is strongly aligned with our objectives and will provide a meaningful contribution to Axsys’ future growth opportunities."

"Over the past several years, Telic has done remarkably well at taking advantage of the increasing demand for infrared imaging systems within the defense and homeland security markets," explains James Howard, president and CEO of Telic. "However, in order to further enhance our capabilities, we welcome the opportunity to partner with a company that has greater engineering, sales and financial resources. Axsys provides the right fit for Telic and we look forward to the opportunities that will be created as a result of the combination of the two companies."

For more information about Axsys Technologies, click here.



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