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Electro Scientific Industries (NASDAQ: ESIO ) has a new division under its corporate wing. The company has inked a definitive agreement to purchase the semiconductor systems unit of GSI Group (NASDAQ: NOVT ) . The terms of the deal were not disclosed.
ESI said in its press release that the buy "brings together two of the preeminent providers of laser manufacturing systems serving the semiconductor industry."
According to company estimates, the new unit should bring in roughly $20 million-$30 million in annual revenue. In its first year as part of ESI, it should contribute $0.05-$0.10 per share in non-GAAP earnings.