SANTA CLARA, Calif., Oct. 25 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR), today announced it received a prohibition order from the
German Federal Cartel Office (FCO) regarding its proposed acquisition of
Excel Technology, Inc. (Nasdaq: XLTC) by Coherent. The acquisition had
previously been approved by antitrust authorities in the United States.
None of the multiple remedy proposals offered by Coherent to the FCO
addressing the overlap in the low-power carbon-dioxide laser market were
satisfactory to the FCO.
John Ambroseo, Coherent's President and Chief Executive Officer said,
"While we are clearly very disappointed and disagree with the FCO's
decision, we remain committed to accomplishing acquisitions that meet all
our criteria for growth, diversification and financial performance.
Coherent remains focused on executing on the underlying fundamentals of our
business and meeting the future needs of our customers."
Founded in 1966, Coherent, Inc. is a Standard & Poor's SmallCap 600
company and a world leader in providing photonics based solutions to the
commercial and scientific research markets. Please direct any questions to
Peter Schuman, Director, Investor Relations at 408-764-4174.
SOURCE Coherent, Inc.
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Related links:
http://www.coherent.com
CONTACT:
Peter Schuman of Coherent, +1-408-764-4174
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