OREANDA-NEWS. July 04, 2012. RUSNANO announces the successful exit from its portfolio company IRE Polus, a Russian subsidiary of IPG Photonics, the world’s leading developer and manufacturer of high-performance fiber lasers and amplifiers. RUSNANO sold its 22.5% equity stake in IRE Polus back to the project applicant, IPG Laser for USD 55.4 million in cash.

RUSNANO’s co-financing of USD 45 million enabled IPG Photonics to increase the production capacity of its Russian subsidiary by almost five times. The capacity increase helped the company to attract new large customers in Russia serving industries such as ship building, oil and gas, automotive, railways consumer electronics and telecommunications. The company commissioned construction of eight new factory bulding for optical component and finished product manufacturing as well as demonstration laboratories and offices with total area of 45,000 m2.

The  sale of its minority position meets two essential RUSNANO criteria for a successful exit: return on investment is higher than targeted hurdle rate, and the project is able to develop independently. After the exit, RUSNANO and IPG Photonics plan to continue to cooperate in the long term to the mutual benefit of both parties. RUSNANO expects to invest the funds it receive as the result of the buyback in new projects.

“RUSNANO's investment in IRE Polus contributed to a more dynamic development of the market in Russia, widening the range of fiber laser applications, finding new customers and penetrating  into new industries,” said RUSNANO Managing Director Georgy Kolpachev.