Intevac Sells its Photonics Business to EOTECH

Intevac, Inc., a leading supplier of thin-film processing systems, announced the sale of its Photonics business to EOTECH LLC, a privately-held optical technology company.

January 04, 2022. By News Bureau

Intevac, Inc., a leading supplier of thin-film processing systems, announced the sale of its Photonics business to EOTECH LLC, a privately-held optical technology company.

The transaction, structured as an asset sale, closed on December 30th, 2021 and is valued at up to $100 million, consisting of an up-front cash payment of $70 million and future earn-out payments of up to $30 million.
 

With the completion of the sale of Photonics to EOTECH, Intevac will continue its broader strategic review process, and shift its entire focus onto the Thin-Film Equipment business, serving multiple growing thin-film technology markets.

This transaction bolsters Intevac’s already strong balance sheet, and well positions the Company to drive stockholder value rooted in the Company’s core HDD equipment business, and ongoing growth initiatives.

Intevac’s Photonics business has long been recognized as a leading developer and provider of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry, and has provided integrated imaging systems for most U.S. military digital night vision programs, including the U.S. Army’s Integrated Visual Augmentation System.

“We are extremely proud of the long history of innovation and leadership that the Photonics team has delivered over the years,” stated Wendell Blonigan, president and chief executive officer of Intevac. “Intevac Photonics, as envisioned by our late founder Norman Pond, pioneered the night vision technologies that have become the standard for most advanced digital night vision programs for the U.S. military, as well as many foreign nations. We wish to thank the entire Photonics organization for their important contributions to our nation’s defense, and we are confident that together with EOTECH, this business will continue to achieve future success providing best-in-class digital night vision technology.”

Matt Van Haaren, chief executive officer of EOTECH, added, “Over the past 30 years, Intevac Photonics has built an impressive portfolio of digital night vision technologies that set the standard for advanced military avionics platforms. We are excited to continue to build this business as it develops the next generation of digital night vision for the dismounted soldier.”

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