Advanced Vision Technology Ltd. (XETRA:VSJ) (AVT) has acquired Graphic Microsystems Inc. (GMI) from Dover Corporation (NYSE:DOV) subsidiary Dover Diversified Inc. for $33 million in cash. GMI manufactures pressroom automation equipment. The company expects to close the acquisition in September, after completing due diligence.
AVT develops and manufactures automatic inspection solutions for printing applications, used for packaging and labels, print process control and quality assurance applications.
GMI’s remote digital ink fountain control and closed loop color control products can be found at over 3,000 and 700 sites worldwide, respectively. The company has offices at Sunnyvale, California, Rockwall, Texas and Mechelen, Belgium; and maintains a network of sales offices in North America and Europe as well as a worldwide service network. AVT intends to maintain GMI's offices around the world.
AVT president and CEO Shlomo Amir said, "AVT has been enjoying double-digit growth for the last five years. First half 2007 net income was $3.5 million on revenue of $15.9 million - and market conditions coupled with healthy cash reserves meant the time was right to seek out a suitable acquisition target."
Published by Globes [online], Israel business news - www.globes.co.il - on August 20, 2007
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