Coreco to Acquire Imaging Technology

The landscape in the machine vision market has changed significantly with the announcement that Coreco Inc. (Montreal) will acquire Imaging Technology Inc. (Bedford, MA) from Fairey Group PLC for approximately $14.5 million in cash. Subject to the fulfillment of certain conditions precedent, the purchase will take place on June 30, 2000.

ITI produces machine vision systems for manufacturing process, test, and inspection applications. The company has sales offices strategically located in Cleveland, Ohio; Boston, Massachusetts; and San Juan Capistrano, California; as well as distributors in Europe and Asia.

According to Coreco President and CEO Keith Reuben, the ITI product line has no more than a 5% overlap with Coreco product lines.

"From a financial standpoint, our acquisition of Imaging Technology is equally compelling," concluded Reuben. "We are anticipating that it will more than double our annual revenues and contribute to solid growth in earnings."

Edited by Kristin Lewotsky