- Expansion of product portfolio to include optics components
enables a more comprehensive customer offering.
- Deepens Cognex’s penetration of important, high-growth
machine vision market in Japan.
- Acquisition price of ¥40 billion (approximately $275
million).
- Expected to be accretive to GAAP EPS in 2025.
Cognex Corporation (NASDAQ: CGNX), a leader in industrial
machine vision, today announced it has agreed to acquire Moritex
Corporation (Moritex) from Trustar Capital, a private equity
affiliate of CITIC Capital Holdings Limited, for ¥40 billion
(approximately $275 million), in an all-cash transaction. Moritex
is a leading global provider of optics components with a strong
presence in Japan.
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“At Cognex, we provide manufacturers with the most advanced
machine vision solutions. We have long admired, and sold, Moritex
optics components as an important element of what we do,” said
Robert Willett, President and CEO of Cognex. “We often note that
machine vision functions like the eye and brain of a human: Cognex
vision systems are akin to the brain, and Moritex optics, the eye.
Bringing these complementary technologies together will streamline
the solution we provide our customers, enabling a more advanced and
integrated offering. Expanding into the optics components segment
with this acquisition will increase our served market and deepen
our penetration of the Japanese machine vision market.”
Moritex has established a reputation as an industry leader
providing high-quality, standard optical components over its
50-year history. The company develops and sells high-accuracy
solutions for equipment manufacturers in a wide range of industrial
markets.
“We are excited to join Cognex as we work towards our mission to
provide the best optical solutions for our customers. Combining our
best-in-class optics components with a global machine vision leader
will create new opportunities for growth,” said Takao Sato, Chief
Executive Officer, Moritex. “This acquisition will position us to
deliver our solutions to Cognex’s broad customer base, providing a
more comprehensive machine vision offering. We remain committed to
proactively serving and supporting our customers around the
world.”
Willett continued, “Moritex will be Cognex’s largest acquisition
in our 42-year history. We are highly selective in evaluating
potential acquisitions. Moritex exceeds our selection criteria
based on its strategic fit, reputation, growth prospects, culture
of innovation, and financial profile.”
Moritex is expected to contribute 6-8% of Cognex’s revenue, and
the acquisition is expected to be accretive to GAAP EPS in
2025.
Moritex is headquartered in Yokohama, Japan, with a global
footprint of manufacturing facilities and administrative offices.
It employs approximately 500 people.
The transaction is expected to close by the end of 2023, subject
to customary closing conditions.
Evercore acted as sole financial advisor to Cognex.
About Cognex Corporation
Cognex Corporation invents and commercializes technologies that
address some of the most critical manufacturing and distribution
challenges. We are a leading global provider of machine vision
products and solutions that improve efficiency and quality in
high-growth-potential businesses across attractive industrial end
markets. Our solutions blend physical products and software to
capture and analyze visual information, allowing for the automation
of manufacturing and distribution tasks for customers worldwide.
Machine vision products are used to automate the manufacturing or
distribution and tracking of discrete items, such as mobile phones,
electric vehicle batteries and e-commerce packages, by locating,
identifying, inspecting, and measuring them. Machine vision is
important for applications in which human vision is inadequate to
meet requirements for size, accuracy, or speed, or in instances
where substantial cost savings or quality improvements are
maintained.
Cognex is a world leader in the machine vision industry, having
shipped more than 4 million image-based products, representing over
$10 billion in cumulative revenue, since the company's founding in
1981. Headquartered in Natick, Massachusetts, USA, Cognex has
offices and distributors located throughout the Americas, Europe,
and Asia. For details, visit Cognex online at cognex.com.
Certain statements made in this news release, which do not
relate solely to historical matters, are forward-looking
statements. These statements can be identified by use of the words
“expects,” “anticipates,” “estimates,” “potential,” “believes,”
“projects,” “intends,” “plans,” “will,” “may,” “shall,” “could,”
“should,” and similar words and other statements of a similar
sense. These statements are based on our current estimates and
expectations as to prospective events and circumstances, which may
or may not be in our control and as to which there can be no firm
assurances given. These forward-looking statements, which include
statements regarding business and market trends, future financial
performance and financial targets, future product mix and
offerings, strategic plans, market and growth opportunities, the
anticipated benefits of the Moritex acquisition, the anticipated
impact of the Moritex acquisition on Cognex’s business and future
financial and operating results, and the anticipated closing date
for the Moritex acquisition, involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those projected. Such risks and uncertainties include: (1) the
risk that the acquisition of Moritex may not be completed in a
timely manner or at all; (2) the difficulty, timing, cost and
results of integrating the acquisition of Moritex; (3) the risk
that we will not achieve the anticipated benefits of the
acquisition of Moritex in a timely manner or at all; (4) the
uncertainties as to the impact of the acquisition on our future
results of operations, financial condition, strategy, product
portfolio and competitive position; (5) the reliance on key
suppliers, such as our primary contract manufacturer, to
manufacture and deliver products; (6) delays in the delivery of our
products, the failure to meet delivery schedules, and resulting
customer dissatisfaction or loss of sales; (7) the inability to
obtain, or the delay in obtaining, components for our products at
reasonable prices; (8) the failure to effectively manage product
transitions or accurately forecast customer demand; (9) the
inability to manage disruptions to our distribution centers or to
our key suppliers; (10) the expected impact of the fire at our
primary contract manufacturer’s plant and related recoveries; (11)
the inability to design and manufacture high-quality products; (12)
the loss of, or curtailment of purchases by, large customers in the
logistics, consumer electronics, or automotive industries; (13)
information security breaches; (14) the failure to comply with laws
or regulations relating to data privacy or data protection; (15)
the inability to protect our proprietary technology and
intellectual property; (16) the inability to attract and retain
skilled employees and maintain our unique corporate culture; (17)
the technological obsolescence of current products and the
inability to develop new products; (18) the failure to properly
manage the distribution of products and services, including the
management of lead times and delivery dates; (19) the impact of
competitive pressures; (20) the challenges in integrating and
achieving expected results from acquired businesses; (21) potential
disruptions in our business systems; (22) potential impairment
charges with respect to our investments or acquired intangible
assets; (23) exposure to additional tax liabilities, increases and
fluctuations in our effective tax rate, and other tax matters; (24)
fluctuations in foreign currency exchange rates and the use of
derivative instruments; (24) unfavorable global economic
conditions, including increases in interest rates and high
inflation rates; (26) business disruptions from natural or man-made
disasters, such as fire, or public health issues; (27) economic,
political, and other risks associated with international sales and
operations, including the impact of trade disputes with China and
the war in Ukraine; (28) exposure to potential liabilities,
increased costs, reputational harm, and other adverse effects
associated with expectations relating to environmental, social, and
governance considerations; (29) stock price volatility; and (30)
our involvement in time-consuming and costly litigation or activist
shareholder activities; and the other risks detailed in Cognex
reports filed with the SEC, including its Form 10-K for the fiscal
year ended December 31, 2022 and Form 10-Q for the fiscal quarter
ended July 2, 2023. You should not place undue reliance upon any
such forward-looking statements, which speak only as of the date
made. Cognex disclaims any obligation to update forward-looking
statements after the date of such statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230829858118/en/
Nathan McCurren Head of Investor Relations Cognex Corporation
ir@cognex.com
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