November 5, 2018

IPG acquires Iowa robotics firm for $115M

Photo | Matt Pilon
The Oxford headquarters of IPG Photonics.

Oxford laser manufacturer IPG Photonics has announced its first transaction of 2018, a $115-million purchase of Genesis Systems Group, a robotic welding and automation company.

The privately-held Iowa-based robotic systems integrator has more than 300 customers in the transportation, aerospace and industrial end markets and more than 35 years of robotic system design and integration experience.

More than 6,500 of Genesis' robots have been placed in 43 U.S. states and 17 countries.

In a press release, IPG CEO Valentin Gapontsev said the addition of Genesis and its 380 employees will make the company a more complete provider of welding solutions.

"IPG has been a supplier to Genesis for many years and its customers have embraced our new technologies and products," Gapontsev said. "We plan to leverage Genesis' unique expertise in robotic systems integration to accelerate laser processing within the transportation, aerospace and industrial end markets."

The transaction is expected to give IPG a route to market for advanced laser welding and laser cleaning solutions, he added.

Per Monday's press release, Genesis is expected to take in about $100 million in revenue this year.

It has been almost a year since IPG announced its last transaction of Laser Depth Dynamics for an undisclosed figure.

Comments

Type your comment here:

Today's Poll Is a special-needs school the right use for the former Lincoln Square Boys Club? <>
ADVERTISEMENTS
Most Popular on Facebook
Copyright 2017 New England Business Media