Contex and Vidar Merge to Create World Leading Scanning Tech Company
Press release from the issuing company
July 23, 2002 -- Copenhagen, Denmark -- In late June, Contex Holding A/S, the leading global large format scanning group acquired Vidar Systems Corporation, Inc. The combined group will have a turnover of more than $50 million in 2002. The transaction allows Contex to consolidate its leading position in the large format scanner market and provides a strong market position in the adjacent medical film digitizer market.
Vidar is a leading supplier of large format scanners and has in recent years had tremendous success in the market for film digitizers for diagnostics and treatment, in which it has become the market leader in medical film digitizers, based on the CCD technology.
President and CEO of Contex, Steen Borg Jensen comments "Contex has for some time been looking into expanding its business operations into new scanning market segments and the merger with Vidar is of great strategic importance. It is a very positive development for both companies"
He adds "The strong market growth in large format reproduction and medical film digitizing is our premise for this merger. The addition of Vidar's know-how in the medical film digitizer business and experience in the large format scanning business are essential to our future growth plans."
Trevor Fennel, President and CEO of Vidar continues "We believe the merger of Contex and Vidar will create an even better basis for further international expansion and interesting products and services development. The combined company has a strong technology base for future product development in our core markets and in new adjacent markets."
Contex is owned by EQT, a group of Scandinavian private equity funds, who acquired the company in spring 1999.
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