II-VI INCORPORATED’S SUBSIDIARY MARLOW
INDUSTRIES, INC.
SIGNS PARTNERSHIP AGREEMENT WITH FUXIN ELECTRONICS
PITTSBURGH, PA., March 26, 2007 -- II-VI
Incorporated (NASDAQ NGS: IIVI) today announced that its subsidiary, Marlow
Industries, Inc. (Marlow) has signed a partnership agreement with Guangdong
Fuxin Electronic Technology Company (Fuxin), based in Guangdong Province,
China, with a focus on providing thermoelectric based products for the
industrial and consumer markets. Both
companies will cooperate to jointly develop new low cost, high performance,
quality solutions and new applications designed to expand the size of today’s
global thermoelectric market. II-VI is
expecting to become a non-controlling minority investor in Fuxin by June 30, 2007. Also, a series of distribution agreements
have been established between Marlow and Fuxin
to further the global reach of both companies.
Carl Johnson, chairman and chief executive
officer of II-VI Incorporated said, “We are delighted with this opportunity and
the potential it represents in the thermoelectrics marketplace. This strategic relationship between the two industry
leaders brings together Marlow’s high technology materials, design and
reliability expertise with Fuxin’s
low cost, high volume manufacturing capabilities and market presence.”
Marlow is the world leader in high quality,
high reliability and high performance thermoelectric cooling technology. For over 30 years, Marlow has developed and
manufactured thermoelectric coolers (TECs) and subsystems for the aerospace,
defense, medical, commercial, industrial, high-speed integrated circuits,
telecommunications and computing markets.
Marlow prides itself on providing standard or custom modules and
sub-assemblies that meet customer’s exacting needs. Marlow is based in Dallas, Texas
and became a subsidiary of II-VI Incorporated in December 2004.
Fuxin is the world leader in high volume, low cost
and high quality thermoelectric based consumer appliances. For over 10 years, Fuxin has developed and manufactured
thermoelectric based consumer appliances such as refrigerators, wine coolers
and water coolers. In addition, Fuxin is the industry
high volume leader in TEC based sub systems and modules.
Mr. Liu Fulin, chairman of Fuxin said, “This will completely change the
landscape of the consumer based thermoelectric world. Our customers will be excited about the new
range of applications and capabilities that this partnership will provide.”
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March 26, 2007
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Barry Nickerson, general manager of Marlow
Industries, Inc. said, “Partnering with Fuxin
allows us to rapidly address new opportunities and better serve our
customers. This also broadens our
capability to penetrate the rapidly expanding low-cost consumer and industrial
markets. Fuxin will complement our Vietnam TEC
manufacturing operations and will provide our customers with a full range of
low cost products and assembly capability.”
Headquartered in Saxonburg, Pennsylvania, II-VI Incorporated
designs, manufactures and markets optical and opto-electronic components,
devices and materials for infrared, near-infrared, visible light, x-ray and
gamma ray instrumentation. The Company’s
infrared optics business manufactures optical and opto-electronic components
sold under the II-VI brand name. The
Company’s near-infrared optics business manufactures near-infrared and visible
light products for industrial, scientific, military and medical instruments and
laser gain materials and products for solid-state YAG and YLF lasers at the
Company’s VLOC subsidiary. The Company’s
military infrared optics business manufactures infrared products for military
applications under the Exotic Electro-Optics (EEO) brand name. In the Company’s Compound Semiconductor
Group, the eV PRODUCTS division manufactures and markets solid-state x-ray and
gamma-ray sensor products and materials for use in medical, industrial,
environmental, scientific and homeland security applications; the Company’s
Wide Bandgap Materials (WBG) group manufactures and markets single crystal
silicon carbide substrates for use in the solid-state lighting, wireless infrastructure,
RF electronics and power switching industries; Marlow Industries, Inc. designs
and manufactures thermoelectric cooling and power generation solutions for use
in defense, space, photonics, telecommunications, medical, consumer and
industrial markets.
This press
release contains forward-looking statements based on certain assumptions and
contingencies that involve risks and uncertainties. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and relate to the Company’s performance on a going-forward
basis. The forward-looking statements in
this press release involve risks and uncertainties, which could cause actual
results, performance or trends to differ materially from those expressed in the
forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking
statements made by it have a reasonable basis, but there can be no assurance
that management’s expectations, beliefs or projections as expressed in the
forward-looking statements will actually occur or prove to be correct. In addition to general industry and economic
conditions, factors that could cause actual results to differ materially from
those discussed in the forward-looking statements in this press release
include, but are not limited to: the
failure of any one or more of the assumptions stated above to prove to be
correct; (i) the risks relating to forward-looking statements and other “Risk
Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal
year ended June 30, 2006; (ii) purchasing patterns from customers and
end-users; (iii) timely release of new products, and acceptance of such new
products by the market; (iv) the introduction of new products by competitors
and other competitive responses; and/or (v) the Company’s ability to devise and
execute strategies to respond to market conditions.
CONTACT: Craig A. Creaturo, Chief Financial Officer
and Treasurer of II-VI Incorporated, 724-352-4455, or e-mail, ccreaturo@ii-vi.com.
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