Photon Control sells off optical flow meter line
February 22, 2018 by Manufacturing AUTOMATION
Feb. 22, 2018 – Photon Control, a developer and supplier of optical measurement technologies, has announced the sale of its optical flow meter (OFM) product line to King’s Energy Services.
The sale includes all of the company’s OFM technology, inventory and equipment, and the licensing of patent rights in exchange for immediate cash consideration which approximates the book value of assets sold, as well as future cash consideration from a five-year royalty agreement subject to annual minimums.
Headquartered in an ISO 9001:2015 manufacturing facility in Vancouver, B.C., Photon Control designs, manufactures and distributes a range of optical sensors and systems to measure temperature and position. These products are used by wafer fabrication equipment (WFE) manufacturers and end-users in the semiconductor and related industries.
“This transaction allows Photon Control to focus on its core business goals by freeing up both engineering resources and manufacturing capacity,” said Scott Edmonds, Photon president and CEO. “While this is not a financially material transaction, we are very pleased this product is in the hands of an owner who has the ability to fully realize its revenue potential and that we will share in that revenue stream.”
In operation for more than 40 years, King’s Energy Services is a Red Deer, Alberta-based supplier of instrumentation and valve products and services throughout Canada.