Newport Names New Chairman

Newport Corp., a manufacturer of precision laboratory equipment, said Wednesday it has selected Richard E. Schmidt as chairman and chief executive officer.

Schmidt, 59, was hired to strengthen Newport’s management as it doubles in size by acquiring a French company, Micro-Controle S.A., in a $45-million buyout expected to be completed by the end of September, Newport President Thomas A. Galantowicz said.

“We’re in the process of the acquisition of a company that will double Newport in terms of sales volume, and Newport has not got any experience in doing this kind of thing before,” Galantowicz said.

Together, the new companies will have annual revenue of about $120 million, Galantowicz said.

Schmidt, who started work at Newport on Tuesday, was previously chairman of Milton Roy Co. of St. Petersburg, Fla. That company grew from $60 million to $150 million in the past five years, half of the growth from new acquisitions, said a Newport statement.

Schmidt succeeds Erwin Tomash as chairman. Tomash will continue to be a director, while Galantowicz will continue as president.

Newport reported earnings of $2.57 million on sales of $44.34 million for the nine months ended April 30. That represents a 4% rise in sales but a 25% drop in earnings over the same period in 1991.