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New acquisition: Expansion of the technology portfolio and strengthening of Asian sales force
ISRA VISION AG: Strategic Buy of Machine Vision Expertise for the Photovoltaic and Electronics Industry
GP Inspect team started its business with a strong focus on the semiconductor industry, and later successfully utilized its know-how together with GP Solar - a centrotherm company - for applications in the photovoltaic industry. With Machine Vision systems GP established a leading position in automation and quality control in the photovoltaic production.
With the acquisition, ISRA will be strengthened by a team in Munich with roughly 20 years of experience in Machine Vision in the photovoltaic and electronics industry. In addition, ISRA integrates an Asian sales organization - especially in China and Taiwan - that also integrates many years of market expertise in the photovoltaic and semiconductor industry. Further business development in Asia will significantly benefit from the strong installed base of approx. 1,000 systems at leading manufacturers in these markets.
For ISRA the "energy" market is one of the sustainable growth markets and here photovoltaic will continue to play a significant role in the future. In this market, the company's focus is systems for automation in production and quality control which helps the customers to reduce the production costs and increase efficiency. Especially in challenging market phases these features are important for the customers competitiveness. With GP, ISRA is strategically positioning itself as a global leading company for the expected positive market development in the coming years.
In addition ISRA will combine with GP and 3D Shape, an acquisition in 2012, its forces for product development in the electronics and semiconductor industry and utilize the newly gained expertise to take further specific steps in these new markets.
For the current financial year of GP (calendar year) revenues of over 3 million euros are expected. The two companies will be taken over by ISRA as of May 1st, 2013. The purchase price contains a fixed price component in the amount of approx. 50 percent of the expected GP revenues for 2013 as well as an earn-out component based on sales units. As the first step in the integration process immediate and consequent cost optimization measures will be taken. The cash taken over which amounts to approx. 3 million euros, will be used for these activities without effecting the yearend financial performance of ISRA in 2012/2013. For the finalization of the integration activities ISRA is planning two quarters. As a first step of integration in Asia ISRA and GP will present at the important international photovoltaic trade fair SNEC 2013, Shanghai starting May 14th, 2013.
With the acquisition of GP, ISRA once again shows its consistent strategy of investing in attractive opportunities in future-oriented markets. For ISRA the photovoltaic industry offers a significant potential despite the current market weakness. Integrating GP, the company specifically positions itself as a global leader for automation and inspection applications and will benefit in a strong way from the expected photovoltaic market recovery in the following years.
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