NATICK, Mass., Mar. 17 -- Cognex Corp. has signed a definitive agreement to purchase the machine vision business of Komatsu Ltd., a Japanese manufacturer of electronics and industrial equipment, and a supplier of machine vision systems to Japan's semiconductor industry.
The terms of the agreement call for Cognex to acquire all of the rights to Komatsu's machine vision products and related technologies. Cognex also will hire all of the software development engineers, sales engineers, and other skilled individuals previously employed by Komatsu's machine vision business. The parties reported that the purchase price for the business was $11 million in cash, with possible additional payments of up to $8 million depending upon various performance factors. The transaction, which is structured as an asset purchase, will be accounted for under the purchase method of accounting.