PORTLAND, OR -- Electro Scientific Industries has signed a definitive agreement to acquire Wuhan Topwin Optoelectronics Technology for an undisclosed amount.
The deal, which is subject to customary government approvals, is expected to close in the first quarter 2015.
Topwin is a developer of mid-range laser technology for ITO patterning, PCB cutting, welding, and other marking and cutting applications. The acquisition of the Wuhan, Hubei Province-based company gives ESI a low-cost option for selling to the China market.
"To compete and win in the fast-moving China market, ESI must design, build, and sell locally. The acquisition of Topwin gives us that immediate capability and significantly expands our footprint in China, the largest laser systems market in the world," said Edward C. Grady, CEO of ESI. "With complementary capabilities, this acquisition expands our product portfolio, enables faster time to market and allows ESI to provide a more complete set of laser-based manufacturing solutions consistent with our focus on total-cost-of-ownership, to customers in China and throughout the region."
"Our design and manufacturing expertise with a deep understanding of the specific China market requirements, coupled with ESI’s strong technology and global reach, creates an unparalleled opportunity to address the growing market for laser microfabrication tools," said Dr. Hu Bing, general manager of Topwin. "We believe joining ESI creates the best result for existing and future customers, employees and shareholders of both companies, and represents a significant step forward in expanding the use of our capabilities in China and across the region."