Newport Acquires Corning OCA Commercial Optics Operation.IRVINE, Calif.--(BUSINESS WIRE)--Oct. 21, 1999-- Newport Corporation (Nasdaq:NEWP NEWP - NEW Programming language ) today announced that it has acquired the commercial optics operation of Corning OCA OCA oculocutaneous albinism. , Inc., a subsidiary of Corning Incorporated. The transaction will be paid for with cash and is expected to be accretive to earnings immediately. The commercial operation of Corning OCA, based in Garden Grove, California Garden Grove is a city centrally located in northern Orange County, California, United States. As of 2004, the city population was 170,000 people. California State Route 22, also known as the Garden Grove Freeway, passes through the city from east to west. , manufactures specialized precision optical products and systems, and will have 1999 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma sales of approximately $10 million. The company holds a leadership position in opto-mechanical sub-assemblies, as well as thin film technology and coatings, and is recognized for its state-of-the-art capabilities in the manufacture of high performance precision optics. "These operations, which are synergistic with our existing optics business, bring important capabilities to Newport that have application across a variety of industries, especially our targeted growth our overall strategy to provide value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. opt." The business unit will remain in its Garden Grove facility, and all existing Newport optics operatiorketing of high-precision components, instruments and integrated systems to the fiber optic communications, snhance productivity and capabilities of test anes. As discussed in Newport's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998, and subsequently filed Reports on Form 10Q, assumptions relating to the foe economic, competitive and market conditions, id prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized or that the transaction will be consummated. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Newport or any other person that Newport's objectives or plans will be achieved. |
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