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Amtek to acquire SISD business of Cognex

10 Jun '15

2 min read

NYSE listed Amtek Inc. said it will acquire the Surface Inspection Systems Division (SISD) of Cognex Corporation for around $160 million. The division serves metals, paper, nonwovens, plastics and glass markets.

“The closing of the transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals,” an Amtek press release informed.

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,” Amtek said.

“We are excited about the opportunity to acquire such an outstanding business,” said Frank Hermance, Ametek 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,” he added.

Among SISD’s strengths are its proprietary high-speed defect recognition technology, software algorithms and deep applications knowledge base,” Hermance observed.

The SISD business joins Ametek as part of its Electronic Instruments Group (EIG), which had 2014 sales of $2.4 billion and which markets instruments for the process, aerospace, power and industrial markets.

Ametek is a global manufacturer of electronic instruments and electro-mechanical devices with annual sales of $4.0 billion.

Ametek’s corporate growth plan is based on four key strategies, which include; operational excellence, strategic acquisitions, global & market expansion and new products.

Ametek’s objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. (AR)

Fibre2fashion News Desk - India