Lumibird announced that it has agreed to acquire the high-power laser and semiconductor businesses of Puma Industries

LUMIBIRD announced that it has agreed to acquire Prima Industries' high-power laser and semiconductor businesses in Italy and the United States

LUMIBIRD Group, a European leader in laser technology, signed a deal on May 15th with Prima Industrie, an Italian company, It acquired the Convergent assets of its subsidiaries Convergent Photonics (Turin, Italy) and Prima Industrie North America (Boston, USA). The acquisition gives Lumibird a strategic advantage in high power semiconductors and fiber lasers and opens new markets.

Convergent Photonics has more than 50 years of experience in the design and manufacture of semiconductor lasers and laser diode packages, as well as in the design and manufacture of high power fiber lasers for the medical field. Eighty qualified and experienced people located in Italy and the United States will join the Lumibird Group. In 2022, the Convergent business had turnover of 15 million euros and EBITDA of negative 1.5 million euros.

The acquisition is a new step in the group's investment strategy, which has the dual strategic interests of strengthening its strategic positioning in semiconductors and ultra-high power fiber lasers as well as opening up new market segments.

Strengthen sovereignty with semiconductors and ultra-high power fiber lasers

The acquisition will allow Lumibird to further strengthen its sovereignty in the laser and optoelectronics sectors. With the arrival of semiconductors, it also completed strategic investments it had already made in fiber optics and derivative components. This will allow Lumibird to supply key components independently and give it greater innovation in materials and components, while internalising profits from expensive components.

Open up new markets

The integration of these activities will boost the development of the medical division in markets other than ophthalmology, where the group already has a leading position. In full synergy with the photonics branch that will provide high power lasers, the path is open for urological and gynecological applications.

The parties expect the transaction to close in the second half of 2023, subject to regulatory approvals in Italy and the United States.

Lumibird will fund its acquisition under covenants through its available cash or by drawing on bank lines available to the Group.

"This acquisition strengthens several of our technology pillars and fits perfectly with Lumibird's vertical and sovereign strategy," said Marc Le Flohic, Chairman and CEO of Lumibird. It allows us to vertically integrate key semiconductor technologies, strengthen our sovereignty over European laser technology and diversify into high growth markets.

Giovanni Negri, CEO of Prima Industrie, commented: "After years of being successfully active in the development and production of laser sources, Prima Industrie has decided to sell its laser source business unit Convergent in order to focus on the main business of sheet metal machinery and systems. We are delighted to have sold it to players like Lumibird, which will no doubt enable Convergent to realize all its great potential based on a high level of technical know-how."

Source: Laser Net