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Persistence has paid off for Lumitex Inc., a producer of fiber-optic lighting systems based in Strongsville.
Lumitex has bought Poly-Optical Products Inc., a longtime competitor in Irvine, Calif., that it has coveted since 1993. Terms of the transaction were not disclosed.
Lumitex president Peter Broer said his company first contacted Poly-Optical about five years ago. Despite at least three acquisition overtures, Lumitex couldn't close a deal until this month, when Poly-Optical's parent company, Remote Source Lighting International Inc. of San Juan Capistrano, Calif., decided to sell.
Remote Source bought Poly-Optical at the start of 1997 from Trimedyne Inc., an Irvine-based maker of laser surgery devices.
"We found out after the fact that Remote Source acquired PolyOptical, and we knew we had missed an opportunity," Mr. Broer said.
Mr. Broer said he contacted Remote Source in the summer of 1997 to investigate teaming...