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IN BRIEF / Orange County

Newport Corp. Plans to Acquire Micro Robotics

January 24, 2002|Dow Jones

Newport Corp. said Wednesday that it plans to acquire Micro Robotics Systems Inc., a private manufacturer of high-precision, fully automated assembly and dispensing systems, for $55 million to $65 million.

Newport said it expects the deal to boost 2002 earnings slightly. The Irvine company makes components used in industries ranging from fiber-optic telecommunications to aerospace.

The transaction, which is expected to be completed in the first quarter, includes a combination of cash and stock and the assumption and conversion of certain stock options. The final value will be determined by the price of Newport's shares when the transaction closes.

Micro Robotics, which is based in North Billerica, Mass., had 2001 sales of $25 million but expects sales to drop to between $15 million and $18 million this year because of a slowdown in its end markets, Newport said.

Newport shares moved up $1.02 to $22.45 on Nasdaq.

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