Axsys Technologies Closes DiOP Acquisition

Optical manufacturer Axsys Technologies has completed the purchase of Diversified Optical Products (DiOP), which manufactures infrared surveillance camera solutions and military-grade thermal targeting and imaging lenses. The acquisition closed for $60 million, a cash transaction.

DiOP will be integratred into the Axsys' Optical Systems Group, beginning immediately.

According to Axsys CEO Stephen Bershad, the DiOP acquisition was part of a strategy to get Axsys more situated in the homeland security and military marketplaces.

The acquisition was funded by a loan from Bank of America for $70 million.