NATICK, Mass.--(BUSINESS WIRE)--
Cognex
Corporation (NASDAQ: CGNX) today announced that it has completed the
sale of its Surface Inspection Systems Division (SISD) to
AMETEK, Inc.
(NYSE: AME) on
July 6, 2015 for
$160 million in cash, subject to
customary working capital and other purchase price adjustments.
Cognex
expects to report a pre-tax gain from the transaction of approximately
$125 million in Q3 2015, and to report the financial results of SISD for
Q2 2015, which ended on
July 5th, as a discontinued
operation.
Cognex plans to discuss the sale of SISD in its upcoming
quarterly earnings conference call described below.
Analyst Conference Call and Simultaneous Webcast
Cognex will host a conference call on Monday, August 3, 2015 at 5:00
p.m. Eastern Time (ET). The telephone number is (866) 256-9239 (or (703)
639-1213 if outside the United States). A replay will begin that night
at 8:00 p.m. ET and will run continuously until 11:59 p.m. ET on
Thursday, August 6, 2015. The telephone number for the replay is (888)
266-2081 (or (703) 925-2533 if outside the United States). The access
code for both the live call and the replay is 1657881.
Internet users can listen to a real-time audio broadcast of the
conference call or an archived recording on the Cognex Investor
Relations website: http://www.cognex.com/Investor.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a range
of products that incorporate sophisticated machine vision technology
that gives them the ability to "see." Cognex products include barcode
readers, machine vision sensors and machine vision systems that are used
in factories, warehouses and distribution centers around the world to
guide, gauge, inspect, identify and assure the quality of items during
the manufacturing and distribution process. Cognex is the world's leader
in the machine vision industry, having shipped more than 1 million
vision-based products, representing over $4 billion in cumulative
revenue, since the company's founding in 1981. Headquartered in Natick,
Massachusetts, USA, Cognex has regional offices and distributors located
throughout the Americas, Europe and Asia. For details visit Cognex
online at http://www.cognex.com.
Certain statements made in this news release, which do not relate
solely to historical matters, are forward-looking statements. These
statements can be identified by use of the words "expects,"
"anticipates," "estimates," "believes," "projects," "intends," "plans,"
"will," "may," "shall," "could," "should," and similar words and other
statements of a similar sense. These forward-looking statements,
which include statements regarding business and market trends, future
financial performance, expected areas of growth and strategic plans,
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those projected. Such
risks and uncertainties include: (1) the loss of a large customer; (2)
current and future conditions in the global economy; (3) the reliance on
revenue from the consumer electronics or automotive industries; (4) the
inability to penetrate new markets; (5) the cyclicality of the
semiconductor and electronics industries; (6) the inability to achieve
significant international revenue; (7) fluctuations in foreign currency
exchange rates and the use of derivative instruments; (8) the inability
to attract and retain skilled employees; (9) the reliance upon key
suppliers to manufacture and deliver critical components for our
products; (10) the failure to effectively manage product transitions or
accurately forecast customer demand; (11) the inability to design and
manufacture high-quality products; (12) the technological obsolescence
of current products and the inability to develop new products; (13) the
failure to properly manage the distribution of products and services;
(14) the inability to protect our proprietary technology and
intellectual property; (15) our involvement in time-consuming and costly
litigation; (16) the impact of competitive pressures; (17) the
challenges in integrating and achieving expected results from acquired
businesses; (18) potential impairment charges with respect to our
investments or for acquired intangible assets or goodwill; (19) exposure
to additional tax liabilities; (20) information security breaches or
business system disruptions; and (21) the other risks detailed in Cognex
reports filed with the SEC, including its Form 10-K for the fiscal year
ended December 31, 2014. You should not place undue reliance upon
any such forward-looking statements, which speak only as of the date
made. Cognex disclaims any obligation to update forward-looking
statements after the date of such statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150707005258/en/
Cognex Corporation
INVESTOR CONTACT:
Susan Conway, 508-650-3353
Senior
Director of Investor Relations
susan.conway@cognex.com
or
MEDIA
CONTACT:
Sarah Laskowski, 508-650-3347
Corporate
Communications Manager
sarah.laskowski@cognex.com
Source: Cognex Corporation
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