Cognex Compeletes DVT Acquisition
Machine vision systems supplier
Cognex Corp., Natick, Mass., has purchased all outstanding shares of Duluth, Ga.-based DVT Corp. —
a provider of economical, user-friendly vision sensors primarily for use on the factory floor — for
approximately $115 million.
Operations will continue at DVT’s manufacturing facility. Sales and support of DVT’s products through its existing third-party distribution channel also will continue. The company’s products include Legend, which is used for inspection and quality control.
“This is the largest acquisition that Cognex has ever completed … in terms of price, in terms of revenue, and most importantly, in terms of the positive impact that it will likely have on our company,” said Robert J. Shillman, Ph.D., chairman and CEO, Cognex.
Commenting on development of a third-party distribution channel for Cognex, he added: “ [P]rior to this acquisition we had signed over 40 distributors, mostly in North America. With the acquisition of DVT, Cognex immediately gains a worldwide network of more than 150 additional industrial distributors, all fully trained in selling and supporting machine vision products.”
Cognex expects the acquisition will provide increased revenues of approximately $15 million to $20 million during fiscal year 2005.