IPG Photonics has announced that it will acquire Genesis Systems Group (Genesis), an integrator of robotic welding and automation solutions, in order to accelerate laser processing within the transportation, aerospace and industrial end markets. The transaction is expected to close in the fourth quarter of 2018.
Genesis is a robotic systems integrator that develops solutions for applications such as welding, non-destructive inspection, machine vision, materials handling, removal and dispensing for customers in the transportation, aerospace and industrial end markets. The firm has 380 employees and production facilities in the US, Mexico and Japan. It is expected to achieve approximately $100 million in revenue for the fiscal year ended 31 December 2018.
‘The acquisition of Genesis is an important step in IPG's evolution to becoming a more complete provider of welding solutions and strategic partner to end customers,’ said Dr Valentin Gapontsev, IPG Photonics' CEO. ‘IPG has been a supplier to Genesis for many years and its customers have embraced our new technologies and products. We plan to leverage Genesis' unique expertise in robotic systems integration to accelerate laser processing within the transportation, aerospace and industrial end markets. In addition, Genesis will provide a route to market for IPG's advanced laser welding and laser cleaning solutions.’
‘By combining Genesis' proven process, automation expertise and customer footprint with IPG's leading-edge portfolio of laser technology, the combined companies are uniquely capable of driving penetration of laser processing and delivering greater value to customers.’ said Pat Pollock, Genesis' President and CEO.
The cash purchase price is $115 million, subject to customary closing adjustments.