Polish High-Tech Conquers the USA. VIGO Photonics Announces Acquisition of InfraRed Associates Assets

PRESS RELEASE

Ożarów Mazowiecki, March 25, 2026

The Polish semiconductor materials manufacturer, VIGO Photonics S.A., has acquired the assets of the American company InfraRed Associates, Inc.—a competitor specializing in the production of infrared detectors. This marks another step toward strengthening the company’s global position in the high-tech market.

VIGO Photonics announces the finalization of the asset acquisition of InfraRed Associates, Inc., a leading American manufacturer of infrared detectors. The transaction, valued at USD 8.4 million, is a key element of VIGO’s geographical expansion strategy and its mission to strengthen its position in the high-tech sector. The assets were acquired by VIGO Photonics Corp. – the U.S. subsidiary of the Polish photonics leader.

InfraRed Associates, Inc., established in the 1970s, is a renowned manufacturer of liquid nitrogen-cooled (LN₂) detectors and operates on a global scale, with a particular focus on the American, Asian, and European markets. Its products are supplied to customers across the industrial, scientific, and military sectors. The company is headquartered in Stuart, Florida – one of the key hubs for the American defense and technology industries. It possesses its own production facilities, proprietary know-how, and an extensive customer base in the U.S. and international markets.

The acquisition of the American entity's assets will significantly increase our revenues in this market; however, financial considerations are not everything. Having a manufacturing facility in the USA is crucial to meeting the supply requirements of the American defense sector. For VIGO Photonics, defense has been one of our key priorities for years. This transaction is a major milestone in the company’s long-term strategy. It is also a vital step that will allow us to fully utilize our production capacity and bring us closer to our goal of transforming VIGO into a global company, says Adam Piotrowski, President of the Management Board of VIGO Photonics.

The acquisition of assets from InfraRed Associates, a company generating stable and high revenues, is a key component of VIGO’s strategy. This strategy includes expansion into the U.S. market and serves as a significant step toward achieving VIGO Photonics' long-term objectives: increasing sales, diversifying revenue streams, and strengthening its position in the company’s most critical industrial and military sectors. InfraRed Associates' revenues amounted to USD 8.9 million in 2024 and USD 8.7 million in 2025. Furthermore, the operating profit, adjusted for transaction-related expenses, was USD 1.44 million in 2024 and approximately USD 1.5 million in 2025 (estimated data).

The new path with VIGO Photonics opens an exciting chapter for us. This move allows us to leverage world-class research and development (R&D) facilities and a significant production scale to deliver cutting-edge solutions to customers worldwide. Above all, however, we are building this future together, based on shared values and deep expertise in MCT technology - a field that has always been our greatest passion, says Frederic Rothe, President of InfraRed Associates.

The transaction will not only result in an increase in VIGO's consolidated revenues but will also enable the development of key technological and business competencies, strengthening VIGO's position in the global supply chain.

The execution of this transaction was made possible, in part, thanks to the support of the Foreign Expansion Fund managed by PFR TFI S.A. (part of the Polish Development Fund Group), which actively supports the international expansion of Polish technology companies. PFR also invests in strategically significant projects aimed at strengthening the long-term economic and defense resilience of the country. Funding in the amount of USD 5.5 million was provided by the Foreign Expansion Fund 2 FIZ AN, with a 10-year repayment term. The involvement of the PFR Group serves as an example of effective public-private cooperation aimed at building the international competitiveness of the Polish economy.

I am proud that, as the PFR Group, we can play a key role in executing such a significant transaction that supports the international expansion of the Polish technology sector. This investment is proof that Polish companies can successfully compete on the global market while building strategic partnerships and strengthening the position of our economy. For us, this project is particularly special because, for the first time, a business partner - PKO Bank Polski - is joining an international project carried out under the 'Team Poland' formula. We hope this marks the beginning of long-term, fruitful cooperation with a bank that, like us, actively supports the foreign expansion of Polish enterprises, says Piotr Matczuk, President of the Management Board of the Polish Development Fund (PFR).

In addition to funding from the PFR Group, VIGO has also secured financing from PKO BP, signing loan agreements to finance the acquisition, support investments, and refinance existing debt. The total value of these agreements amounts to $3 million and €8 million. The financing provided by both the fund and the bank was covered by guarantees from KUKE, the institution responsible for supporting the development of Polish companies in international markets.

Today, it is no longer just about individual transactions, but about the ability of the Polish economy to build lasting advantages in global value chains. The scale of investment can trigger a new development cycle, but its success depends on the real participation of Polish companies. Financing VIGO Photonics' expansion shows that Polish capital is capable of supporting advanced technologies and going global. The role of banks today is not only to provide financing but also to create the conditions for company growth and competitiveness, says Szymon Midera, President of the Management Board of PKO Bank Polski.

The acquisition of InfraRed Associates' assets serves as an example of the deliberate expansion of European capital into the American market. VIGO Photonics is not only expanding its presence into new markets but also strengthening economic and technological cooperation between Europe and the United States. “The acquisition of the American manufacturer's assets paves the way for the reduction of tariff and administrative barriers, facilitating access to the strategic U.S. market for European enterprises, concludes Adam Piotrowski.

 

Media Contacts:

Piotr Piotrowski, cc group piotr.piotrowski@ccgroup.pl

+48 697 613 010

Karolina Sałajczyk-Stefańska, VIGO Photonics ksstefanska@vigophotonics.com

+48 538 565 256

 

About VIGO Photonics S.A. (WSE: VGO)

VIGO Photonics S.A. is a global manufacturer of high-tech solutions, including the world’s most advanced mid-infrared photonic detectors, dedicated modules, and semiconductor materials. Its innovative devices are recognized and utilized by numerous international clients across the industrial, transportation, environmental protection, medical, defense, and security sectors. The quality of VIGO Photonics’ detectors was notably confirmed during NASA's missions to Mars (including the Curiosity rover), where they were used to detect traces of methane on the planet.

VIGO Photonics is successfully expanding its operations in semiconductor material production. To this end, the company has perfected and utilizes epitaxy (the deposition of selected crystal layers onto a crystalline substrate) using Group III-V elements from the periodic table. As part of its development strategy, VIGO Photonics aims to supply the global market with Photonic Integrated Circuits (PICs) based on these semiconductors. These circuits will find numerous applications in the consumer electronics industry. The company also aims to become a leader in the emerging European silicon chip market.

Founded in 1987, VIGO Photonics (formerly VIGO Photonics) has been listed on the Main Market of the Warsaw Stock Exchange since 2014. Headquartered in Ożarów Mazowiecki, Poland, the company has a subsidiary in the United States and employs approximately 200 high-level specialists and scientists. In August 2022, the company rebranded from VIGO Photonics to VIGO Photonics.

More information: vigophotonics.com

linkedin.com/company/vigo-photonics

 

About the Polish Development Fund (PFR)

Polski Fundusz Rozwoju S.A. (PFR) is a development institution whose mission is to support the sustainable economic growth of Poland. As a commercial company owned by the State Treasury, PFR invests in projects of strategic importance while ensuring a market rate of return. PFR’s key areas of activity include: increasing the international competitiveness of Polish companies, accelerating the energy transition, stimulating the innovation ecosystem, developing the capital market, and building long-term economic and defense resilience. By 2025, PFR had directly invested PLN 8 billion in Polish companies and allocated an additional PLN 4.8 billion to VC and PE funds as the largest institutional investor in the region.

More information: grupapfr.pl

 

About the Foreign Expansion Fund 2

The Foreign Expansion Fund 2 FIZ AN, managed by PFR TFI, focuses on financing Foreign Direct Investments (FDI) by Polish companies. Established in 2023, the fund continues the mission of the original Foreign Expansion Fund FIZ AN, which has been operating since 2016 and has completed its investment period. Together, the two funds have entered into over 20 investment agreements and invested more than €110 million in international projects by Polish firms.

The fund’s activities align with the strategic goals of the PFR Capital Group, particularly in enhancing the international competitiveness of Polish enterprises. The fund offers Polish companies co-financing for their foreign investment projects through financial instruments tailored to the project’s scale and the investor's needs. It can finance the acquisition of a foreign company, the establishment of a new entity, or the further development of an existing foreign subsidiary—both within and outside the European Union, including developing countries and spanning nearly all sectors, from manufacturing to distribution and services.

More information: pfrtfi.pl/fundusz-ekspansji-zagranicznej