NEWPORT CORPORATION TO RELOCATE LASERS DIVISION HEADQUARTERS TO SANTA CLARA, CALIFORNIA
Consolidation Into a Single New Modern Facility Expected to Increase Operating Efficiency, Provide Cost Savings and Facilitate the Integration of New Focus(TM)
IRVINE, Calif., June 23, 2009 /PRNewswire-FirstCall via COMTEX/ -- Newport Corporation (Nasdaq: NEWP) today announced that it will relocate and consolidate its Spectra-Physics Lasers Division headquarters from its five-building campus in Mountain View, California, to a single new manufacturing, research and development, and office facility located at 3625 Peterson Way in Santa Clara, California. The move will improve the efficiency of the Division's operations, enabling it to reduce the amount of space it occupies by over 20%, from 171,000 square feet to 132,000 square feet. In addition, selected business and manufacturing operations being acquired, subject to the close of the purchase of the New Focus(TM) business from Oclaro, Inc., which the company previously announced on June 3rd, will be integrated into the new facility. The company highlighted that the relocation of the Lasers Division headquarters is another positive step it is taking to enhance its competitive position during this period of challenging macroeconomic conditions.
"We are very pleased to be able to move our Lasers Division headquarters to this new, state-of-the-art facility that was originally built for a similar type of production environment," said Robert Phillippy, Newport's president and chief executive officer. "The building represents a significant upgrade of our lasers manufacturing infrastructure, and the consolidation into a single facility will enable further improvements in the Division's work flow while at the same time significantly lowering our facilities costs over the lease term."
Mr. Phillippy continued, "Our recently announced transaction with Oclaro will allow us to eliminate the high-fixed-cost diode fabrication facility in Tucson, Arizona, while sourcing diode lasers for our Spectra-Physics Lasers Division from Oclaro at very competitive price levels. Now, the move of our Lasers Division headquarters to a smaller, more modern manufacturing site will further enhance the improvements to our operations that are already well under way within the Division. We expect the combination of these actions to have a positive impact on the Division's financial performance."
The company noted that it expects to complete the move of the Lasers Division headquarters and the relocation of the selected New Focus(TM) business and manufacturing operations by the end of 2009.
ABOUT NEWPORT CORPORATION
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, microelectronics, aerospace and defense/security, life and health sciences and precision industrial manufacturing markets. Newport's innovative solutions leverage its expertise in high-power semiconductor, solid-state and ultrafast lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical components and subsystems and precision automation to enhance the capabilities and productivity of its customers' manufacturing, engineering and research applications. Newport is part of the Standard & Poor's SmallCap 600 Index and the Russell 2000 Index.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation the statements regarding High Q's expected revenue in 2011, the expectation that the acquisition will be accretive to Newport's earnings immediately after closing and other statements as to potential future events, consequences or results of the transaction. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing are inherently speculative and involve judgments and risks with respect to a number of matters that are difficult or impossible to predict accurately and many of which are beyond the control of Newport. Certain of these judgments and the types of risks that may impact future results or circumstances are discussed in more detail in Newport's Form 10-K for the year ended January 1, 2011. Although Newport believes that the assumptions underlying the forward-looking statements in this press release are reasonable, any of the assumptions could prove inaccurate, and future events and results may differ materially from current projections or expectations as described in this press release. Therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. 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 results set forth in such forward-looking statements will be achieved. Newport also undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent expressly required by applicable law.
SOURCE Newport Corporation