MONTREAL, June 20 -- Coreco Inc. will buy all the shares of Imaging Technology Inc. on June 30, said Coreco. The company will purchase the shares from Fairey Group plc for about $14.5 million (US) in cash. Imaging Technology's revenues from sales for the year ended December 31, 1999 were roughly $15 million (US).
The acquisition will increase Coreco's product lines for the computer vision industry as well as provide new distribution channels through Imaging Technology's sales offices throughout the world, Coreco said.
This acquisition is a perfect strategic fit for Coreco on a number of levels allowing us to more than double our share of the vision market, said President and CEO Keith Reuben. Geographically, it provides us with a cross-country presence in the US and increases our coverage in Europe and Asia. Imaging Technology also expands our customer base and brings us a completely different set of OEM customers as well as a network of large system integrators.
Imaging Technology manufactures and designs computer vision hardware and software solutions for the manufacturing process, as well as for test and inspection applications.