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.
