IPG Photonics (Oxford, MA) says it will acquire privately held Genesis Systems Group (Davenport, IA), which makes robotic welding and automation products. The transaction is expected to close in the fourth quarter of this year (2018).
Genesis is a robotic systems integrator for customers in the transportation, aerospace, and industrial end markets and has production facilities in the U.S., Mexico, and Japan. The company has integrated more than 6500 robots with workcells in 43 U.S. states and 17 countries, according to IPG. Genesis develops robotic systems for applications that include welding, nondestructive inspection, machine vision, materials handling, removal, and dispensing.
Longtime relationship
"The acquisition of Genesis is an important step in IPG's evolution to becoming a more complete provider of welding solutions and strategic partner to end customers," says Valentin Gapontsev, IPG Photonics' CEO. "IPG has been a supplier to Genesis for many years and its customers have embraced our new technologies and products. We plan to leverage Genesis' unique expertise in robotic systems integration to accelerate laser processing within the transportation, aerospace, and industrial end markets. In addition, Genesis will provide a route to market for IPG's advanced laser welding and laser cleaning solutions."
The cash purchase price is $115 million. Genesis has approximately 380 employees and is expected to achieve approximately $100 million in revenue for the fiscal year ended December 31, 2018.
Source: IPG Photonics
