LightPath Technologies Acquires Amorphous Materials Assets for $7M

LightPath Technologies announced it has acquired the assets of Amorphous Materials, an industrial manufacturer with complementary Chalcogenide glass melting technologies, in particular for large diameter optics, purchased for aggregate consideration of $7.0M in cash, with the potential for up to $3M of additional technical milestone-based equity consideration. Key Transaction Highlights include: Acquisition accelerates execution of strategic vision to become a leading vertically integrated infrared imaging, or IR, solutions provider in the $9B infrared imaging market; AMI is a 50+ year-old company with a strong reputation, founded by Ray Hilton Sr., who was considered one of the pioneers in commercializing Chalcogenide glass; Adds incremental AMI glass melting technology, which melts high-grade glass as large diameter plates, critical for large optics, and in particular for space programs; Adds glass melting capacity and a second, NDAA compliant manufacturing location for BlackDiamond glass, acting as a backup for Orlando manufacturing; Adds a portfolio of complementary Chalcogenide glasses to BlackDiamond Chalcogenide-based glass materials portfolio. Accretive asset acquisition that is expected to add approximately $3.0M in annual revenue following the acquisition.