Ceradyne has completed its acquisition of VIOX, a specialty glass company based in Seattle, Washington. Over the past few years VIOX has seen around 70% of its sales come from solar glass products, which have been specifically formulated for polycrystalline silicon solar PV applications. Ceradyne bought VIOX with a US$27 million cash payment at closing, which also includes a post-closing adjustment in two months. Additionally, conditional payment of up to US$22 million may be paid if VIOX reaches certain sales diversification and earnings targets over a 30-month period after the closing.
Ceradyne vice president, David Reed, said, “I am extremely enthused over the VIOX acquisition. It will fit into our strategy of product and market diversification while sticking with Ceradyne's core technical ceramic technology. It is our intention to provide the resources to VIOX that will allow them to take advantage of market opportunities much faster and more efficiently than the 'pre-acquisition' smaller VIOX could have achieved. Perhaps as importantly, the VIOX people will fit right into the Ceradyne culture; they are hard working, entrepreneurial ceramic/glass technologists with a multi-year profit record.”
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VIOX will become a wholly-owned subsidiary of Ceradyne under the company’s Advanced Ceramic Operations segment and managed by Ceradyne’s VP David Reed. At this time, all current VIOX employees will remain in their positions, including VIOX’s president, Reynold Hagel. As VIOX continues to expand, Ceradyne plans to provide financial, technical and any other necessary resources to assist the subsidiary’s development.
