ORLANDO, USA: LightPath Technologies Inc., a leading vertically integrated global manufacturer and distributor of proprietary optical components and high-level assemblies, announced that in response to accelerating market demand for its molded aspheric lenses it is building 12 new molding stations for its China operations. This investment will result in an increase in capacity and production capability of over 45 percent.
Demand for LightPath's aspheric lenses has increased in both its North American and Asian sales regions. The company manufactures products to meet this demand in both its US and China operations. End product markets driving the increased demand for aspheric lenses include laser tools, telecommunications, digital projectors, industrial equipment, medical instruments and increasing use of green laser diodes.
LightPath anticipates this increase in demand will phase in over the next three quarters. Given the phase in of this new business and the fact that it will be high-volume low-cost products driving this increase, the Company expects to see a greater than 15 percent increase in annualized revenues.
LightPath CEO, Jim Gaynor, said: "It is significant to note that the product demand we are seeing is broad based across several of our larger market segments. It is not limited to any specific industry, market or geographic location. As we have stated previously this growth is driven by four market themes, cloud computing, adoption of digital technology for video distribution, mobile internet demand and machine to machine communication which all require more bandwidth and thus expansion of optical networks.
"These market drivers combined with the excellent value proposition that we bring to our customers with competitive prices and superior quality is the reason we believe we are experiencing this increase in demand and why we have confidence in our continued growth going forward."