AVT Acquires Geiger Vision Systems, Expands Presence in the Labels Market
Press release from the issuing company
HOD-HASHARON, ISRAEL, June 6, 2002 - Advanced Vision Technology (AVT) Ltd. (Neuer Markt: VSJ, securities identification number: 931 340), the world's leading provider of machine vision-based automatic inspection systems for the printing industry, has acquired the Munich-based Geiger Vision Systems (GVS) GmbH. GVS, which specializes in automatic print defect detection equipment for the label printing industry, achieved sales of EUR 700,000 in 2001. The parties agreed not to disclose the purchase price that will be paid fully in cash.
Established in 1992, GVS develops comprehensive quality assurance solutions for the labels print market. As a result, even the smallest printed characters can be checked on a variety of substrates at high speeds. GVS solutions are used worldwide for label and bar code inspection. GVS has a particularly strong presence in the pharmaceutical package-printing sector. In addition, the company has developed optical character recognition (OCR) systems that are used by banks, insurance companies and the public sector.
To complete the acquisition, AVT will establish a subsidiary in Germany, into which all GVS activities will be incorporated. AVT Germany will focus on research and development and shall be headed by GVS’s founder and Managing Director, Mr. Axel Geiger.
The purchase is expected to be completed in the third quarter of 2002.
The acquisition of GVS’s assets furthers AVT’s announced strategy of expanding into additional printing market segments, specifically to the label printing market.
GVS’s range of products, together with AVT’s product line, will strengthen AVT’s ability to provide a broad range of solutions across the sectors of the printing industry while catering to different customer profiles.
The well-established Geiger brand name, and its presence in the label market, advance the implementation of AVT’s label market strategy, while the focused R&D will enhance the company’s ability to provide new solutions in shorter time frames.
"I am very much gratified to see Geiger Vision Systems become part of the world’s leading company supplying automatic defect detection systems to the printing industry," says Axel Geiger. "GVS’s particular technology and marketplace complements AVT’s experience and expertise. We share the same vision for the labels market, and working as part of AVT will be a rewarding and exciting experience."
Shlomo Amir, president and CEO of AVT comments, "Geiger Vision Systems is an excellent match for AVT in terms of technology and market position. By expanding our product range, we will be able to tap into market growth opportunities in a more focused way than ever before. This move also strengthens AVT’s position in the important German printing market. Mr. Axel Geiger and his team’s experience and abilities are a great asset to AVT, and will contribute greatly to the development of new products and expansion to other markets in the future."
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