PITTSBURGH, June 19, 2017 (GLOBE NEWSWIRE) -- II‐VI Incorporated (NASDAQ:IIVI), a leader in engineered materials and optoelectronic components, today announced the acquisition of Integrated Photonics, Inc., headquartered in Hillsborough, NJ, in a cash transaction valued at approximately $45.0 million at closing and with a $2.5 million earn out.

Integrated Photonics was founded in 2000 as a spin-out of the magneto-optic materials group of AT&T Bell Labs. Integrated Photonics is a leader in engineered magneto-optic materials that enable high-performance directional components such as optical isolators for the optical communications market.

Optical isolators based on magneto-optic materials are embedded in transceivers with edge emitting lasers and in optical amplifiers. They are widely deployed in datacenters and the global optical network infrastructure at a pace that is accelerated by the rapidly growing bandwidth demand for enterprise and consumer applications, including cloud computing and emerging 5G wireless services.

“The magneto-optic materials engineered at Integrated Photonics are second to none as evidenced by their leading market position and their scalable production lines now running at full capacity,” said Dr. Chuck Mattera, President and CEO, II-VI Incorporated. “We are excited about the opportunity to scale the business to satisfy a strong and growing demand that currently exceeds the global supply.”

The acquisition is a strategic fit for the II-VI Photonics segment. The magneto-optic materials extend II-VI’s broad portfolio of engineered materials and vertically integrated solutions to further penetrate the fiber laser market and to address emerging magnetic sensing applications.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and opto-electronic components is a vertically integrated manufacturing company that develops innovative products for diversified applications in the industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Headquartered in Saxonburg, Pennsylvania, with research and development, manufacturing, sales, service, and distribution facilities worldwide, the Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms including integrated with advanced software to enable our customers.