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Subsequent Event - Announcement of the Acquisition of Newport Corporation
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Event - Announcement of the Acquisition of Newport Corporation
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Subsequent Event - Announcement of the Acquisition of Newport Corporation

On February 23, 2016, the Company announced that it had signed a definitive merger agreement to acquire Newport Corporation (“Newport”), a worldwide leader in photonics solutions. Pursuant to the merger agreement, the Company agreed to pay $23.00 per share in cash for all of the outstanding shares of Newport, for total cash consideration of approximately $980,000. The Company intends to fund the transaction with a combination of available cash on hand and up to $800,000 in committed debt financing. In addition, the Company entered into a commitment letter to obtain a $50,000 asset-based revolving credit facility for working capital purposes, as needed. The acquisition is expected to close in the second quarter of 2016, subject to customary closing conditions.