PLYMOUTH, UK - NOVEMBER 3, 2008 - International designer and manufacturer of optical solutions Qioptiq has announced completion of the sale of its Plymouth, UK coatings business, Qioptiq Coatings Ltd, on October 24.

In a management buyout, the team, led by Ian Moyes, has agreed to purchase the business from Qioptiq SAS for an undisclosed amount.

The new company, to be known as Artemis Optical Ltd, will continue to provide advanced optical coatings at the Plymouth facility.

Qioptiq CEO Benoit Bazire says, "We are pleased to have reached agreement to sell this company to the former Qioptiq Coatings management team. As a specialised coating company serving the optical industry we are certain that Artemis Optical will continue to satisfy their many customers, including Qioptiq."

Ian Moyes, new chairman of Artemis Optical, says, "The management team is delighted to have this opportunity to guide Artemis Optical in realizing its full potential. The business agility offered by independence will allow us to succeed at new levels, whilst still satisfying our current customer base."

Source: Qioptiq Group completes sale of coatings business | Vision Systems Design (vision-systems.com)