NATICK, Mass.--(BUSINESS WIRE)--
Cognex
Corporation (NASDAQ: CGNX) today announced that it has signed a
definitive agreement to sell the assets of its Surface Inspection
Systems Division (SISD) to
AMETEK, Inc. (NYSE: AME) for approximately
$160 million in cash. Closing of the transaction is subject to
regulatory approval and customary closing conditions. Following
completion of this transaction,
Cognex will schedule a conference call
to discuss the sale and to provide updated financial guidance.
"The sale of our Surface Inspection Systems Division is a strategic
decision for us," said Robert
J. Willett, President and Chief Executive Officer of Cognex. "SISD
is a profitable and well-managed business, but it does not fit Cognex's
long-term objectives and business model. With this sale, we can focus
all of our efforts on discrete manufacturing where we see continued
strong growth for our vision and ID products."
Surface inspection sales were $60 million in 2014, or 12% of Cognex's
total revenue.
"Cognex entered the surface inspection market in 1996 with the
acquisition of Isys Controls, Inc, a small company that had developed
vision systems for automatically detecting and classifying flaws and
defects on the surfaces of materials as they are being produced at high
speed in a continuous fashion," said Dr.
Robert J. Shillman, Chairman and Chief Culture Officer of Cognex.
"We are proud to have built this business from an organization which was
primarily selling into the U.S. metals market, into a leading global
supplier of surface inspection systems for metals, paper, plastics,
nonwovens and glass."
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 the pending sale of SISD, 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
possibility that various closing conditions for the transaction may not
be satisfied or waived; (2) the loss of a large customer; (3) current
and future conditions in the global economy; (4) the reliance on revenue
from the consumer electronics or automotive industries; (5) the
inability to penetrate new markets; (6) the cyclicality of the
semiconductor and electronics industries; (7) the inability to achieve
significant international revenue; (8) fluctuations in foreign currency
exchange rates and the use of derivative instruments; (9) the inability
to attract and retain skilled employees; (10) the reliance upon key
suppliers to manufacture and deliver critical components for our
products; (11) the failure to effectively manage product transitions or
accurately forecast customer demand; (12) the inability to design and
manufacture high-quality products; (13) the technological obsolescence
of current products and the inability to develop new products; (14) the
failure to properly manage the distribution of products and services;
(15) the inability to protect our proprietary technology and
intellectual property; (16) our involvement in time-consuming and costly
litigation; (17) the impact of competitive pressures; (18) the
challenges in integrating and achieving expected results from acquired
businesses; (19) potential impairment charges with respect to our
investments or for acquired intangible assets or goodwill; (20) exposure
to additional tax liabilities; (21) information security breaches or
business system disruptions; and (22) 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/20150608005238/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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