WATERLOO, Ontario, Canada, Dec. 7 -- Laser projection technology developer Virtek Vision International Inc. has finalized the purchase of GSI Lumonics Inc.'s Aerospace Templating business. The final terms of the agreement call for Virtek to pay $3.5 million (Canadian) to acquire the business's operating assets. In addition, Virtek will pay GSI Lumonics a ten-percent royalty for the next three years on all sales of ply lay-up templating products made to the aerospace industry. GSI Lumonics has agreed not to compete in the ply lay-up templating market for a period of six years.
Commenting on the acquisition, Jim Crocker, Virtek's president and CEO, said, We believe this transaction will add an average of $4 million to our aerospace templating business in each of the next five years. He continued, Our core templating business is the engine that will fuel our imaging business as we continue to enter new market opportunities. This acquisition serves to make this engine stronger.