Newport Corporation and IPG Photonics Settle Litigation

IPG Photonics Corporation and Newport Corporation have announced that the two companies have settled patent infringement claims made against IPG Photonics by Spectra-Physics, Inc., a subsidiary of Newport, as well as IPG Photonics' counterclaims against Spectra-Physics, Inc., by mutual agreement.

Terms of the settlement agreement were not disclosed. IPG Photonics does not expect the agreement to have a material impact on its financial statements or condition.

The settlement related to a complaint filed with the United States District Court for the Northern District of California in June 2006 by Spectra-Physics alleging that certain of IPG Photonics' optical fiber laser and amplifier products infringed a U.S. patent owned by Spectra-Physics. Pursuant to the parties' settlement agreement, this case has been dismissed with prejudice.