FOSS announces the acquisition of North American spectrometer specialist Wasatch Photonics.
The Danish family-owned company continues its investments within photonics and optics, this time with one of the biggest acquisitions in the history of the family business, spending just under DKK 250 million for the full ownership of the company.
Wasatch Photonics is a world-leading supplier of transmission gratings and spectrometers for applications ranging from Raman spectroscopy, OCT, Astronomy and Laser Pulse Compression, serving markets in the medical, defense and security, laser manufacturing, and material processing industries.
"We believe optical components will be a key ingredient in multiple solutions across industries, and we believe FOSS has the capabilities to support and drive this development. The acquisition of Wasatch Photonics, a technologically strong, highly competent company, is a great opportunity to invest further in this area," says Kim Vejlby Hansen, CEO of FOSS, who will join Wasatch Photonics' board as the new chairman.
CEO of Wasatch Photonics, David Creasey, is thrilled to have found the perfect match:
"The strategic and cultural fit is great. FOSS is a family-owned long-term orientated business with a deep focus on innovation and being first to the market, which is perfectly aligned with Wasatch Photonics. I believe the chances of success are far greater under the FOSS umbrella than any other," says CEO David Creasey.
As a deeply technologically driven company Wasatch sees the FOSS group as a strategic partner in their effort to succeed in their growth and add new initiatives.
"We love our technology, we believe in our technology, but we want to accomplish success even faster. Wasatch Photonics is named after a mountain range - metaphorically speaking we are at the base camp, but to reach the summit we need extra oxygen, and we believe FOSS can provide us with that," states David Creasey.
The acquisition of Wasatch marks FOSS' fourth investment in a photonics company, now gathered under the name FOSS Photonics, led by Kim Vejlby Hansen, who is either chairman or board member in all companies. FOSS Photonics is placed under the mother company of FOSS, N. Foss & Co. A/S. All the companies will continue to be managed as separate business entities. The portfolio is expected to grow further, as the FOSS family is ready to continue investing in this area.
Wasatch Photonics is founded in 2002. The company has offices in North Carolina and Utah, employing around 80 people.