June 29, 2012
IPG Regains Full Control Of Russian Subsidiary
Oxford-based IPG Photonics Corp., which makes fiber lasers and amplifiers, announced it has purchased a 22.5-percent minority interest in its Russian subsidiary.
IPG paid $55.4 million for the stake in NTO IRE-Polus, which it had previously sold in two parts – in 2010 and 2011 – to accelerate research and development, sales and manufacturing infrastructure in Russia, IPG CEO Valentin Gapontsev said in a statement.
"Given the financial flexibility provided by the recent secondary offering, it is now an ideal time to regain the complete ownership of our Russian subsidiary and fully benefit from opportunities there," Gapontsev said.
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