Hod Hasharon (Israel) – Advanced Vision Technology Lt. (XTRA:VSJ) (AVT or the “Company”), a leader in automatic print inspection, process control, quality assurance and color control for printing applications today announced that it has entered into a definitive merger agreement with Pelican Merger Holdings Israel Ltd. pursuant to which it will be acquired by Danaher Corporation’s Product Identification Platform. Pelican Merger Holdings Israel Ltd. will acquire all of the outstanding shares of AVT for Euro 14.50 per share in cash.
AVT’s in-line inspection systems are used by the world’s top packaging and label converters to improve product quality and efficiency of their operations. Many of the same customers are served by X-Rite and Esko, market-leading companies within Danaher’s Product Identification Platform. Combining AVT’s strong position in print inspection and quality control with X-Rite’s color inspection capabilities, and Esko’s packaging workflow will enable all three companies to offer solutions that simplify management of complex packaging value chains for both packaging converters and CPG brand owners.
Jaron Lotan, AVT’s CEO, commented “This is an exciting next step in the development of AVT, both for our customers and for our associates. Being part of Danaher’s Product Identification Platform will strengthen our ability to continue to execute our existing strategy and will enable us to bring more innovative and connected solutions for the packaging and label value chain.”
"We are thrilled to have AVT join Danaher's Product Identification Platform, which includes X-Rite, Pantone, Esko, MediaBeacon, Videojet, Linx, Laetus and Foba," said Joakim Weidemanis, Group Executive for Danaher’s Product ID platform. "AVT is an outstanding business characterized by innovative products, a strong brand, dedicated team and excellent growth prospects. We see AVT as a natural complement to our platform of businesses serving packaging and label production value chain.”
AVT’s Board of Directors has unanimously approved the transaction and has unanimously recommended that AVT shareholders approve the transaction. The transaction is subject to customary conditions, including approval by AVT’s shareholders. The transaction is expected to be completed in the second quarter of 2017.