LIEUTENANT GOVERNOR MURRAY TOURS LOCAL INNOVATION LEADER: IPG PHOTONICS
Oxford firm employs more than 570 workers; Named the top telecommunications company in Massachusetts
OXFORD - Thursday, May 26, 2011 - As part of the Patrick-Murray Administration's commitment to supporting the state's innovation economy, Lieutenant Governor Timothy Murray today met with employees and executives from IPG Photonics Corporation (NASDAQ: IPGP), a worldwide leader in optical fiber-based laser manufacturing. The growing company has already hired 137 new employees this year, bringing their total Oxford-campus workforce to more than 570, and is planning to add at least 30 more jobs. Additionally, the Boston Globe recently named IPG Photonics the top telecommunications firm in Massachusetts.
"Innovation is our calling card, and likewise, IPG is a leading, growing and innovative company creating jobs of tomorrow right now in Massachusetts," said Lieutenant Governor Murray. "We look forward to their continued growth and working with them on this effort."
Founded in 1990, IPG Photonics relies on its proprietary optical fiber technology to produce high power fiber lasers and amplifiers that can be used in such specialized fields as data transmission, heavy industry manufacturing and medical surgery. The company is leading the greening of the industry with its technology: unlike other lasers, fiber lasers have no consumables and use three times less electricity than other types of lasers. The Oxford campus, which supplies customers in North and South America as well as China, includes corporate, manufacturing and research facilities, as well as a semiconductor foundry. Now the largest publicly held laser company, as measured by market capitalization, IPG's 2010 revenue increased by 61 percent to $299 million, while net income of nearly $55 million was 10 times higher than 2009. IPG's stellar performance last year led the Boston Globe this week to rank the firm third on its list of top 100 Massachusetts firms.
"We are honored that Lieutenant Governor Murray has chosen to view first-hand the exciting progress that we are making at IPG Photonics," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. "Ranking in the top-three in the Boston Globe 100 this year is a testament to IPG Photonics' innovative technology, the broad-based market acceptance of fiber laser technology and the dedication of our employees in Massachusetts and around the world. We look forward to leveraging our technology and vertically integrated business model to continue to grow the company and add jobs to the local economy."
The Patrick-Murray Administration has made growing the Commonwealth's innovation economy a top priority, and supported key sectors, including advanced manufacturing, to secure the state's global standing as an innovation leader. Massachusetts is home to more than 8,000 manufacturers that create a diverse array of products, including fiber lasers, baseball gloves, golf balls, synthetic skin and bio-surgery devices. The manufacturing sector rose from the sixth largest employer in the Commonwealth to fourth this year. According to a study by The Center for Urban and Regional Policy at Northeastern University, 55 percent of manufacturers expect to expand their operations here and 60 percent plan to add local jobs over the next five years.
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