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.
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