AMETEK, Inc. has entered into a
definitive agreement to acquire the Surface Inspection Systems Division (SISD)
of Cognex Corporation (NASDAQ: CGNX) for approximately $160 million. The business has annual revenues of $60
million. The closing of the transaction is subject to customary closing
conditions, including the receipt of applicable regulatory approvals.
SISD develops and manufactures software-enabled
vision systems used to inspect surfaces of continuously processed materials for
flaws and defects. Their in-line image processing technology detects,
classifies, filters, and accurately maps specific defects over the entire area
of the surface. End markets served include metals,
paper, nonwovens, plastics and glass. SISD
is headquartered in Hayward, CA.
“We
are excited about the opportunity to acquire such an outstanding business,”
said Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. “The Surface Inspection Systems Division of
Cognex is a global leader in non-destructive process inspection and expands our
presence in this attractive market segment.
Among SISD’s strengths are its proprietary high-speed defect recognition
technology, software algorithms and deep applications knowledge base,”
commented Frank S. Hermance.
The
SISD business joins AMETEK as part of its
Electronic Instruments Group (EIG), which had 2014 sales of $2.4 billion and is
a leader in the design and manufacture of advanced instruments for the process,
aerospace, power and industrial markets.
For more information contact: Amtek, www.ametek.com
