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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.
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Cognex Completes Acquisition of Komatsu Ltd.'s Machine Vision Business
POSTED 04/12/2000
Machine Vision Company now the Leading Supplier to Semiconductor Market in Japan
NATICK, MA - Cognex Corporation (NASDAQ: CGNX), the world's leading supplier of machine vision systems, announced today that on March 31st it successfully completed the acquisition of Komatsu Ltd.'s machine vision business, as scheduled. With this acquisition, Cognex has become the leading supplier of machine vision systems to semiconductor manufacturers in Japan, and Cognex has strengthened its existing position as the leading supplier to the semiconductor market segment, worldwide.
Under the terms of the acquisition, originally announced by the company on March 15th, Cognex acquired all of the rights to Komatsu's very successful FAPEX and KV machine vision products as well as related technologies. In addition, all of the software development engineers, the sales engineers, and other skilled employees previously associated with Komatsu's machine vision business became Cognex employees on April 3rd. Cognex paid $11 million in cash for the business, with the potential for additional payments totaling up to $8 million, depending upon certain performance factors. The transaction is structured as an asset purchase, and it will be accounted for under the purchase method of accounting.
"The acquisition has only been in place for a few days, but because of our careful planning and close relationship with Komatsu senior management, our sales team is already selling the FAPEX and KV products. The largest customers for these products are the major semiconductor and electronics manufacturers in Japan, and we expect those companies to also be very interested in Cognex's other products as well. Because of this acquisition and the current strong semiconductor climate, I am very confident that Cognex K.K. will surpass its projected revenues for 2000 and also increase its market share in Japan," said Akira Nakamura, President of Cognex K.K., Cognex's wholly-owned Japanese subsidiary. Mr. Nakamura recently assumed the position of President of Cognex K.K. from Hironobu Ohgusu, who retired in March of 2000 after seven years at Cognex K.K..
Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can "see." Cognex is the world's leader in the machine vision industry, having shipped to date more than 100,000 machine vision systems. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems which are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, paper, and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout North America, Japan, Europe, and Southeast Asia. Visit Cognex on-line at http://www.cognex.com.
Certain statements made in this press release are forward-looking statements. These statements are based on the company's current expectations and estimates as to prospective events and circumstances which may or may not be in the company's control and as to which there can be no firm assurances given. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. The company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Further discussions of risk factors are also available in the company's registration statements filed with the Securities and Exchange Commission.