Syntax-Brillian to Buy Vivitar
Monday October 30, 10:21 am ET
Syntax-Brillian to Acquire Camera Maker Vivitar for $26 Million in Stock
TEMPE, Ariz. (AP) -- High-definition television maker Syntax-Brillian Corp. said Monday it agreed to acquire privately held Vivitar Corp., which makes film and digital cameras, for $26 million in stock.
Syntax-Brillian said buying Vivitar gives it an entree into the digital photography business, and that consolidating the two companies is expected to produce significant economic and logistical advantages.
The company, which posted $193 million in sales in fiscal 2006, said it also expects to use Vivitar's existing distribution channels to create new outlets for its LCD televisions, along with any cobranded products the two companies develop.
Vivitar, which is based in Oxnard, Calif. and has offices in France, Hong Kong and the U.K., brought in about $120 million in revenue in 2005, according to Syntax-Brillian.
The company, whose digital and film cameras, lenses, tripods and flashes and binoculars are distributed around the world, will operate as a wholly owned subsidiary of Syntax-Brillian.
Shares of Syntax-Brillian fell 10 cents to $6.13 in morning trading on the Nasdaq. |
