Costa Mesa-based Ceradyne Inc. has acquired VIOX Corp., a specialty glass company based in Seattle.
VIOX manufactures specialty glass pieces for electronic, industrial and other uses. And Ceradyne creates advanced technical ceramic products for a variety of industries.
"I am extremely enthused over the VIOX acquisition. It will fit into our strategy of product and market diversification while sticking with Ceradyne's core technical ceramic technology,” said Ceradyne Vice President David Reed. “It is our intention to provide the resources to VIOX that will allow them to take advantage of market opportunities much faster and more efficiently than the 'pre-acquisition' smaller VIOX could have achieved. Perhaps as important.”
VIOX’s sales have increased recently due to the creation of a special glass formulation for solar installation applications – a niche that now accounts for approximately 70 percent of the company’s sales. VIOX also produces glass used for dental and orthopedic surgery applications.
"I know for myself and the rest of the VIOX management team that it will be a promising and exciting opportunity to be part of the Ceradyne team and that we will have the resources available to enable us to further grow the company,” said VIOX President Reynold Hagel. “We are confident that our solar glass customers, bio-active glass customers and other specialty glass customers will view this Ceradyne/VIOX team in a very favorable light."
Under the terms of the deal, Ceradyne agreed to pay $27 million in cash, plus contingent payments up to a maximum of $22 million. In return, VIOX becomes a wholly owned subsidiary of Ceradyne. All current VIOX employees will remain in Seattle.
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