MIDDLEFIELD, CONNECTICUT (September 15, 1997)........Zygo Corporation (NASDAQ:ZIGO) announced that it has completed the acquisition of Syncotec Neue Technologien und Instrumente GmbH ("Syncotec"). Zygo, prior to this acquisition, previously owned 50% of Syncotec as a result of Zygo's acquisition of Technical Instrument Company in August 1996. In this transaction, Zygo acquired the remaining 50% of Syncotec for approximately $1.3 million and 20,000 shares of Zygo's common stock.
Syncotec, located in Asslar, Germany, designs, develops, manufactures, and markets high precision metrology systems and components utilizing Zygo's confocal scanning optical microscopy technology. These systems are primarily used by various high technology customers in the German market to improve their production efficiency and manufacturing yields.
Commenting on the acquisition of Syncotec, Gary K. Willis, president and chief executive officer of Zygo, said, "We are pleased to add Syncotec to our corporate family. We have worked with Syncotec and its founder, Mr. Heiko Wasmund, since we acquired Technical Instrument Company last year and believe that the capabilities present in the company will enhance our market position in Europe as well as our technology position in confocal microscopy as we go forward." The results for Syncotec for the 12 months ended December 31, 1996 included net sales of approximately $2.8 million. Zygo recently reported its fiscal year completed June 30, 1997 results with net sales of $87.2 million, up some 52% from fiscal 1996; and net earnings for the year of $1.16 per share, excluding nonrecurring acquisition charges, a 63% increase from the $.71 per share earnings reported in fiscal 1996.
Zygo Corporation designs, develops, manufactures, and markets high performance measurement and yield improvement instruments, systems, and accessories used in high technology industries. The Company is headquartered in Middlefield, Connecticut, and also has operations in Asslar, Germany; Longmont, Colorado; and in Newbury Park, Sunnyvale, and Simi Valley, California.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgment on certain issues. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors which could cause actual results to differ materially are described in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.