PLYMOUTH, Mich. (AP) -- Rofin-Sinar Technologies Inc., a maker of industrial lasers, said Monday it plans to buy 80 percent of the share capital of China-based Nanjing Eastern Laser Company Ltd. in two separate transactions.
Financial terms were not disclosed. Rofin-Sinar plans to buy 35.2 percent of the share capital of the company from Nanjing Sanle Group Co. Ltd. and another 44.8 percent from SIDA Corp. (USA).
Rofin-Sinar plans to fund both transactions with its existing cash position and expects them to close in the next four to six weeks. The company said the acquisition should help strengthen its market position in China.
Rofin-Sinar's shares rose $1.01, or 2.8 percent, to $37.63 in late morning trading. The stock has traded in the 52-week range of $28.48 and $48.83.