Cognex to unload a division for $160M
Cognex Corp. of Natick is selling one of its divisions to a Pennsylvania firm for $160 million, the maker of machine sensors and barcode readers said Monday.
The all-cash deal with AMETEK Inc. of Berwyn, Pa., for Cognex’s surface inspection systems division, or SISD, is subject to regulatory approval and the customary closing conditions, Cognex said in a statement.
Company officials said SISD is profitable but doesn’t fit Cognex’s long-term objectives and business model. “With this sale, we can focus all of our efforts on discrete manufacturing where we see continued strong growth for our vision and ID products,” Cognex President and CEO Robert J. Willett said.
Cognex said sales in the division totaled $60 million in 2014, or 12 percent of all company revenue.
Cognex entered the surface inspection market in 1996 with its acquisition of Isys Controls, a small company that had developed vision systems to automatically detect and classify flaws and defects on the surfaces of materials as they’re being continually produced at high speeds. Customers of those products included businesses in the paper, metals, glass and plastics industries.
“With this sale, we can focus all of our efforts on discrete manufacturing where we see continued strong growth for our vision and ID products,” Willett said.
AMETEK has four facilities in New England: two in Wilmington and New Bedford, one in Keene, N.H., and the other in Westerly, R.I.
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