El Paso, TX, July 9, 2019 Ross Optical Industries, Inc (Ross Optical), a provider of custom, precision-engineered solutions for the optical market, announced today that it has been acquired by Precision Optics Corporation, Inc. (OTCQB: PEYE) (“Precision Optics”). Precision Optics is a leading designer and manufacturer of advanced optical instruments for the medical and defense industries.
Incorporated in 1989, Ross Optical has evolved from an optical components supplier into an expanded solutions provider. They have an extensive portfolio of optical fabrication and quality assurance experience, technology, and technical solutions that supply a number of industries, including the defense, medical and industrial markets. Focused on high quality and difficult-to-find optical components, Ross Optical provides custom solutions as well as a wide range of standard lenses in an extensive catalog offering, through a robust worldwide sourcing network that allows them to provide cost-effective optical components and optomechanical assemblies.
Joe Forkey, President and CEO of Precision Optics, commented, “The strategic acquisition of Ross Optical is an important addition to the Precision Optics portfolio which broadens our capabilities and accelerates our efforts to gain economies of scale. We are excited to bring the operations and employees of Ross Optical to the Precision Optics family. Over the past couple years, Precision Optics has capitalized on its expertise in micro and 3D imaging within the medical and defense industries by working with customers from the early design stage of projects to develop solutions that are now moving to commercial-scale production. With this acquisition, we see a number of opportunities to leverage our respective strengths to expand existing customer relationships and to develop new ones, based on the broader offerings of the combined company. This transaction represents a real milestone for Precision Optics and provides a great base for future growth.”
Divi Mangadu, who has been Ross Optical’s long-standing President, has agreed to continue in that role for a seamless transition. Precision Optics will continue to operate the acquired entity under Divi’s leadership in its existing facility in El Paso, TX and anticipates significant cooperation between sales, engineering and manufacturing teams of the two operations.
Divi Mangadu commented, “We are excited to be able to combine forces with Precision Optics. Ross Optical has a long history in the optics business and enjoys a great reputation with customers around the world. We look forward to leveraging the combined company’s expertise to accelerate some of our recent initiatives to grow our business, particularly through increased access to Precision Optics extensive engineering and micro-optics capabilities. I look forward to working closely with everyone at Precision Optics to efficiently integrate Ross Optical’s operations.”