After many months of rumour and speculation Meade Instruments has announced the completion of its merger with Sunny Optics, Inc of China. Once the giant of the amateur telescope industry with revenues and a market capitalisation in excess of $200 million, in recent years financial performance declined substantially in the face of stiff competition from overseas optical manufacturers and liquidity at the company was becoming increasingly strained. The merger will likely secure the future of one of the industry’s leading names. Full press release from Meade below.
Meade Instruments Corp. Completes Merger Agreement
IRVINE, CA – (October 15, 2013) – Meade Instruments® The leading designer and manufacturer of telescopes and optical accessories for both professional and amateur astronomy enthusiasts worldwide, today announces completion of the Merger Agreement with Sunny Optics, Inc. (“SOI”) and Sunny Optics Merger Sub, Inc., a wholly-owned subsidiary of SOI, both of which are affiliates of Ningbo Sunny Electronic Co., Ltd., collectively (“Sunny”).
Ningbo Sunny Electronic Co., Ltd. develops, makes and sells sport and outdoor optical products, such as binoculars, telescopes, research grade microscopes, spotting scopes, riflescopes and diverse optical components and accessories. Sunny’s manufacturing facility is located in Zhejiang, China and is equipped with first-grade, ISO9001 certified, production facilities, and advanced environmental and optical testing devices.
Meade Instruments will be led by Joseph A. Lupica as Chief Executive Officer. Joe brings over 25 years of experience in the Optical Industry and is eager to lead the current management team. Meade will continue to meet all financial obligations, honor all product warranties and support product from its North American headquarters. Dealers and distributor networks worldwide shall remain unchanged.
Peter Ni, CEO Sunny Optics, Inc. states, “I am extremely pleased to be involved in the future of Meade Instruments. This is a tremendous opportunity for both companies. It is my desire that Meade will be managed by Joe Lupica and that Meade continue to maintain its North American sales, marketing and manufacturing facilities. Where possible, Sunny Optics will offer its support to optimize the vertical integration of both companies.”
“This is an exciting day for Meade Instruments” said CEO Joseph A. Lupica, “as it marks the beginning of renewed period of growth and development. Meade has a long tradition of innovation and I am proud and energized to lead the team into the next exciting chapter. The management team will focus on efficiently delivering high-quality precision products manufactured in our North American Advanced Products Division (APD) facility and improving in-stock positions. Meade will continue to be the leader in designing, manufacturing and supporting innovative products for the advanced amateur.”
“With the completion of the merger management and manufacturing team can now focus on delivering and supporting the kinds of products that Meade has long been known such as our MAXII, LX850, LX600, LX200, LX90, LightSwitch, Coronado and ETX series of telescopes,” said Meade’s CEO Joseph A. Lupica. Joe further states “Quality Advanced Coma-Free (ACF) optics along with product innovations such as LightSwitch and our newest addition StarLock, the first fully integrated, self-contained auto-guiding system, are just some of the features that set Meade apart from all other telescope makers. I want the astronomy community to know that Meade is here to stay and that they can count on our renewed presence and support.”