Coherent sells Rofin-Sinar UK
CMR, a European private investor, has acquired the UK division of Rofin-Sinar from Coherent. The American laser giant was required to sell Rofin-Sinar because of European Commission rules stipulated in order to avoid Coherent gaining a dominant market position.
Coherent’s $942 million acquisition of Rofin-Sinar Technologies in November 2016 was approved by the European Commission under the arrangement that Rofin-Sinar’s low-power CO2 laser manufacturing business located in Hull, UK would later be divested due to competition concerns.
Rofin-Sinar UK’s sealed CO2 lasers are used in cutting, drilling, welding, scribing and marking applications in the automotive, aerospace, packaging, and electronics industries. The company revealed turnover increases of £3.6 million for the year to September 2016, leading to profit increases of 77 per cent to £5.5m.
The acquisition fits into the scope of CMR’s investment portfolio, which consists mainly of European Companies from attractive and growing Industries. The investment firm went on to announce a joint worldwide sales, service and production agreement between Rofin-Sinar UK and US firm Iradion Lasers – both specialists in CO2 sources – which will combine the two firms’ complimentary product lines and market them globally.
The combined portfolios now cover a wide range of laser powers up to 1kW, and could be used to address the majority of industrial CO2 laser applications. The partnership will enable the two companies to realise synergies and strengthen their competitiveness, according to a statement made on Rofin-Sinar UK’s website.