Irvine-based Newport Corp. has agreed to buy Ophir Optronics Ltd. in Israel for about $230 million in cash.

Newport Corp. manufactures and distributes precision components to the life sciences, defense, industrial manufacturing and semiconductor industries.

Ophir sells precision infrared optics and three-dimensional measurement equipment. It has manufacturing in Israel and the United States. Its annual revenues are almost $112 million.

Started in 1969 as Newport Research Corp., Newport Corp has bought other companies periodically. The most recent purchase was Oclaro Inc. in 2009.

Shareholders of Ophir, which is publicly traded on the Tel Aviv Stock Exchange, will receive $8.43 a share. The deal is expected to close in the fourth quarter if shareholders and regulators approve.

Ophir will become a wholly owned subsidiary of Newport Corp.

Newport Corp. said it expects the transaction to boost its earnings and cash flow immediately. The company made $41 million on revenues of $480 million in the year ended Jan. 1.

Robert J. Phillippy, Newport’s President and Chief Executive Officer, said, “The acquisition will … provide a platform for us to enter high-growth applications in thermal imaging and 3D noncontact measurement. Ophir has a history of impressive revenue growth. Their differentiated technologies, well-respected brands and strong customer relationships are an excellent fit with Newport’s strategic agenda.”

Ophir Chairman and CEO Yaacov Zerem said, “Newport’s products and technologies are very well regarded in the global photonics industry and their worldwide distribution network will allow us to expand our business beyond what we could have achieved as a stand-alone company.”

Contact the writer: 714-796-7927 or jnorman@ocregister.com