IRVINE, Calif., July 24, 2014 /PRNewswire/ -- Newport Corporation (NASDAQ: NEWP) today announced that it has entered into an agreement to acquire V-Gen Ltd., a leading developer and manufacturer of fiber lasers headquartered inTel Aviv, Israel.  V-Gen is expected to have sales in the range of $15 million to $20 million in the first twelve months after the transaction closes.  Terms of the transaction, which is anticipated to close during the third quarter, were not disclosed.  

"We are pleased to announce our agreement to acquire V-Gen, which will bring us significant innovation and expertise in pulsed fiber laser technology for fast-growing micromachining applications," noted David Allen, Senior Vice President and General Manager of Newport's Spectra-Physics Lasers Group.  "V-Gen has a strong track record of growth and profitability and we expect the acquisition to be accretive to our earnings immediately following the closing.  We welcome the V-Gen team to Newport and look forward to their positive contributions to our Spectra-Physics Lasers Group."

Dr. Eran Inbar, founder and Chief Executive Officer of V-Gen remarked, "We are excited to become part of Newport'sSpectra-Physics Lasers Group, which is a recognized leader in the laser industry.  Their worldwide sales and service network and complementary technologies will enable us to expand our business beyond what we could have achieved as a stand-alone company.  Together we will provide innovative laser solutions for both existing and emerging applications."

Founded in 1998, V-Gen is a leading supplier of pulsed fiber lasers.  The company is a recognized innovator with a significant intellectual property portfolio.  V-Gen's headquarters in Tel Aviv, Israel house its manufacturing operations, research and development laboratories, service facilities and administrative offices.  The company has approximately 50 employees worldwide.