Oxford's IPG Acquires German Co.
IPG Photonics, an Oxford-based laser maker, has acquired Cosytronic KG, a privately-held German firm that specializes in automated welding technology.
Cosytronic develops and engineers welding techniques and tools for a variety of markets in materials processing.
IPG said the acquisition will not have any effect on the company's 2010 financial results.
Combined, the companies will have the resources to market to larger customers and to develop new applications.
IPG reported a $5.3 million profit in 2009 compared to $38.5 million the previous year.
The story was similar in the fourth quarter, when the company made $3.2 million, a 66 percent decline from the $9.5 million it reported for the same period a year earlier.
Financial terms of the acquisition were not disclosed.
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