This ranking is a reflection of IPG's growth and leadership position in fiber lasers
OXFORD, Mass. (PRWEB) September 20, 2007
"This ranking is a reflection of IPG's growth and leadership position in fiber lasers," said Dr. Valentin P. Gapontsev, IPG Photonics' chief executive officer. "Fiber lasers have enormous benefits in terms of performance, cost of ownership, and ease of use over traditional lasers. They are replacing both traditional lasers and other non-laser technologies in a wide range of applications. We have grown over 500% in the past five years and are pleased to be recognized as the pioneer in this space."
The New England Technology Fast 50 is a ranking of the 50 fastest growing technology, media, telecommunications and life sciences companies in the area by Deloitte & Touche USA LLP and is based on the percentage revenue growth over five years from 2002-2006. To qualify, companies must have had operating revenues of at least $50,000 in 2002 and $5,000,000 in 2006, be headquartered in North America, and must own proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues.
"To rank on Deloitte's Technology Fast 50, companies must have phenomenal revenue growth over five years," said Steve DiPietro, partner at Deloitte & Touche LLP. "IPG Photonics has proven to be one of the fast-growth success stories in New England and we applaud their dedication to making their vision a reality."
IPG's revenues for 2002, 2003, 2004, 2005 and 2006 were $22.2 million, $33.7 million, $60.7 million, $96.4 million and $143.2 million, respectively.
About IPG Photonics Corporation
IPG Photonics is the leading global manufacturer of high-performance fiber lasers and amplifiers for diverse applications in numerous markets, such as materials processing, communications, medical, and scientific and research. Founded in 1990, IPG Photonics pioneered the development and commercialization of optical fiber-based lasers, a new generation of optical sources that combine the advantages of semiconductor diodes with the high amplification and precise beam qualities of specialty optical fibers. Fiber lasers deliver superior performance, reliability and usability at a lower total cost of ownership compared with conventional lasers, allowing end-users to increase productivity and lower operating costs. IPG has headquarters in Oxford, Massachusetts, and has additional plants and offices throughout the world. For more information, please visit http://www.ipgphotonics.com.
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