IPG Offers 3M Shares Of Stock
IPG Photonics of Oxford is offering up to 3 million shares of common stock, some of which will fund capital expenditures and working capital requirements, the company announced.
IPG also said that proceeds from the sale may be used to acquire complementary businesses and technologies, although there are no acquisitions pending. The company said all but 200,000 of the shares will be sold by the company. The remaining 200,000 will be sold by Valentin P. Gapontsev, IPG's chairman and CEO.
The company, the biggest private-sector employer in Oxford with 600 employees, makes high-performance fiber lasers. It recently pledged to hire 175 additional employees and is expanding its headquarters in Oxford with a 101,500-square-foot addition to boost its manufacturing capacity. In return, the town is giving IPG a $431,000 tax break. It has also received a $1.7 million investment tax credit from the state.
IPG stock, which is traded on the NASDAQ market, closed yesterday at $52.93 a share.
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