IRVINE — Laser Precision Corp., a manufacturer of optical test equipment, has been hit with a $30-million lawsuit by the giant Minnesota Mining and Manufacturing Co. for allegedly stealing trade secrets by hiring a former employee of 3M's 3M/Photodyne unit.
In a suit filed on Dec. 28 in U.S. District Court in New York, 3M asked for an injunction to prevent Laser Precision from receiving or using any information from former 3M/Photodyne employee Peter N. Milstead, according to a 3M spokeswoman.
3M is also asking for $30 million in punitive damages and unspecified actual damages.
Laser Precision's radiation measurement and fiber optics division, which competes directly with 3M/Photodyne, is located in Utica, N.Y. Neither company would comment on what technology was at issue in the suit.
Laser Precision's stock fell 5/8 of a point to $3.75, or 14.4%, in New York Stock Exchange trading today, the worst performance for any public company based in Orange County.