LightPath Technologies, Inc (NASDAQ: LPTH) trades at $2.65 on June 7, 2021. It expects to give additional returns of 13.1% from the current levels.
Inducts a new chairman
LightPath inducted Louis Leeburg as a new chairman. It is on the backdrop of the retirement of Robert Ripp on May 11, 2021.
Louis is excited to become a chairman of LightPath’s Board. He thanked Ripp for his dedicated leadership of 22 years in leading the company. The company is well-positioned strategically and financially to pursue a value-added approach to the photonics industry worldwide. It transforms from offering optical components to providing comprehensive engineered solutions. Louis will play an active role in improving LightPath’s growth in the future.
Louis is with the company as a director since May 1996. He brings over 40 years of experience as a consultant in investment management and finance roles. His previous stints include an audit manager at Price Waterhouse & Co.
LightPath’s CEO, Sam Rubin, wished Ripp a peaceful retirement life. He appreciated the significant efforts of Ripp in leading the company for 22 years. Since Sam is appointed as CEO of LightPath a few years ago, several changes are incorporated into the leadership.
Strengthening of leadership will improve the prospects of LightPath and helps to report handsome rewards in the long term.
Expands facility in Riga, Latvia
LightPath expanded its facility based in Riga, Latvia, for infrared coating capabilities. Sam said the demand for its infrared products is growing rapidly while the company struggles with capacity constraints and record backlog.
Manufactures optical assemblies
The expansion in Riga allows the company to streamline its operations. Added coating capacity is also part of its high-growth business. LightPath would become a vertically integrated company to manufacture optical assemblies and optics worldwide at its facilities.
LightPath reduces its manufacturing costs and lead times and responds quickly to its customers to promote topline growth.
The expanded coating facility focuses on infrared coatings. It commenced commercial production of long durable DLC (Diamond-like Carbon) infrared coatings for optics developed using materials like Silicon, Germanium, and chalcogenides.