Started in Russia in 1990 by Dr. Valentin Gapontsev, IPG supplies "fiber lasers," a newer, cutting-edge variety of laser that's often more precise, easier to use, and cheaper to operate than its conventional counterparts. IPG's products are used in a variety of applications. One of those uses, materials processing, was the largest reasons sales grew 59% year-over-year to $474.5 million in 2011. Indeed, sales of the company's lasers for materials processing applications accounted for nearly 88% of last year's sales, and the company expects that trend to continue in the years to come.
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