Kensington Laboratories develops and manufactures advanced high-throughput, sub-micron motion control and robotic systems

December 28, 2000

1 Min Read

IRVINE, Calif. -- Newport Corporation (Nasdaq:NEWP) today announced the signing of a definitive agreement to merge with Kensington Laboratories Inc., a privately held manufacturer of high-precision robotic and motion control equipment for the semiconductor and fiber optic communication industries. The all-stock transaction will be accounted for as a pooling of interests and accordingly, Newport will restate its historical financial information to include the results of Kensington for all prior periods. Kensington, which holds more than 20 patents covering advanced robotics and motion control technology, is expected to have revenues of approximately $38 million for the year 2000. The transaction is expected to be immediately accretive to Newport's 2000 and 2001 results, adding an estimated $.10 per share to Newport's projected 2000 earnings and an estimated $.15 per share to 2001 earnings. The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed in the first quarter of 2001.

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