Cognex Corporation Terminates Bid for AISI
BusinessWire, Monday, November 03, 1997 at 08:10
NATICK, Mass.--(BUSINESS WIRE)--Nov. 3, 1997--Cognex Corporation
(NASDAQ:CGNX), the world's leading supplier of machine vision
systems, announced today that it has terminated its bid to acquire
Applied Intelligent Systems, Inc. (AISI), which was previously
announced on October 6, 1997.
"Our sole interest in acquiring AISI was to add to Cognex's
profitability by adding AISI's customers to our rolls. We now
believe that AISI's future revenue and profits are likely to be below
our earlier estimates, largely due to a possible decrease in future
business from their principal customer who is currently funding an
internal effort to develop an alternative to the AISI products," said
Dr. Robert J. Shillman, Cognex's President, CEO, and Chairman.
"Cognex will continue to seek accretive acquisitions that bring
unique technology or new market opportunities to our company;
unfortunately, AISI no longer meets our criteria."
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 65,000 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 North America, Japan, Europe,
and Southeast Asia. Visit Cognex on-line at cognex.com .
CONTACT: Cognex Corporation
John Rogers, 508/650-3000 |
