Cognex Acquires Machine Vision Optics Developer Moritex Corp.
Cognex will acquire Yokohama, Japan-based Moritex Corp. in a deal worth ¥40 billion ($274.1 million). The deal, Cognex said, supports its penetration into what the company called the high-growth machine vision market in Japan.
Moritex develops and markets solutions for equipment manufacturers in a wide range of industrial markets including machine vision. It employs approximately 500 people. The acquisition, which Cognex will make from Trustar Capital, a private equity affiliate of CITIC Capital Holdings Ltd., expands Cognex’s product portfolio to include optical components.
According to Robert Willett, Cognex president and CEO, the acquisition is to be the largest in Cognex’s 42-year history. Moritex is expected to contribute between 6% and 8% of Cognex’s revenue. The acquisition is expected to be accretive to GAAP EPS in 2025 and is expected to close by the end of 2023.
Earlier this month, Cognex reported $242 million in revenue for the second quarter, a 12% year-over-year decline.
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