Cognex Corporation Offers To Acquire Applied Intelligent Systems
NATICK, Mass.--(BUSINESS WIRE)--Oct. 6, 1997--Cognex Corporation (NASDAQ:CGNX), the world's leading supplier of machine vision systems, today announced that it has made an offer to acquire Applied Intelligent Systems, Inc. (AISI), a privately-held machine vision company located in Ann Arbor, Michigan, for approximately $105 million. Under the terms of the proposal, the transaction would be accounted for as a pooling of interests, and Cognex would exchange shares of its common stock for all the outstanding shares of AISI.
''The acquisition of AISI will expand our customer base and solidify our leadership position in the machine vision market,'' said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. ''The proposed acquisition will further strengthen our revenue and profits and is expected to be immediately accretive to earnings.''
Over the past two years, Cognex has successfully completed three acquisitions that have expanded its business by adding new technology, products, customers, and applications.
Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can ''see.'' Cognex is the world's leader in the machine vision industry, having shipped to date more than 60,000 machine vision systems. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems which are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, paper, and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout the United States, Japan, Europe, and Southeast Asia. Visit Cognex on-line at cognex.com . |
