September 14, 2012

CT's Zygo eyes buyout of German partner

Zygo Corp. intends to buy out its minority partner in a German joint venture that incorporates the Middlefield technology firm's optical instruments into turnkey systems used for quality control of machined engine blocks and other auto parts, perhaps as early as this fiscal year, a regulatory filing says.

ZygoLOT Gmbh is a 60-40 formalized partnership between Zygo and LOT-Oriel GmbH & Co., whose relationship dates to 1976, according to AutomotiveIndustries-online.com.

According to Zygo's latest 10-K annual report for fiscal 2012 filed with the Securities and Exchange Commission, the company has notified LOT-Oriel of its intention to exercise its buyout option for 2.5 million euros ($3.3 million).

Zygo said in the filing that if the deal occurs in fiscal 2013, all the income from the venture would be reflected on its books for the period.

Zygo also conducts business in China through a joint venture but the 10-K made no specific mention of its intentions for that partnership.

A call Friday to Zygo was not returned.

Earlier this week, Zygo announced the launch of a Taiwan subsidiary to service microchip metrology customers in that Asian island nation and mainland China.

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