Isra Vision AG Extends Global Position In The Glass Division

Isra Vision AG, one of the leading global suppliers for machine vision systems, has acquired Image Automation Inc. (IAI), Worthington, Ohio (USA) through its wholly owned subsidiary ISRA SURFACE VISION INC., Duluth, Georgia (USA).

IAI is the sister company of the British enterprise IAL Ltd. (IAL), already acquired in December 2006. The full acquisition of Image Automation now completed extends ISRA's position as the world-wide innovation and market leader in the Glass division; it also boosts ISRA's presence both in America and in Ireland and the UK. With the further acquisition, ISRA continues its successful expansion strategy of dynamic internal and external growth. Together, the acquired companies have a sales volume of slightly more than two million euros. Both enterprises emerged from the English company Image Automation Ltd, previously a key competitor to ISRA in the Float Glass division. Image Automation Ltd. - unlike ISRA - used laser scanner technology. For most customers, Image Automation Ltd. was an alternative supplier to ISRA.

Part of the cash received through the equity increase in spring 2006 will be used to finance the takeover. The agreed purchase price for both companies is approximately half of their sales volume. According to the purchase agreement for the British company IAL, ISRA stock will not be used as payment; however, stock will be used as partial payment for the US company IAI. There are no plans for an equity increase to finance the US acquisition, IAI. The final purchase price is tied to earn-out models. Through the acquisitions, ISRA expects to strengthen its local presence on both the British and Irish and the US markets. With the highly experienced management remaining on board, adding their expertise to the sales team, ISRA also expects to gain new customers and expand its sales power. Additionally, ISRA is currently in further promising negotiations to merge with other interesting companies.

600450 Isra Vision AG Extends Global Position In The Glass Division glassonweb.com
Date: 18 January 2007
Source: Isra Vision

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