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22 Feb 2005
Imaging giant DALSA continues its aggressive strategy of growth through acquisitions.
DALSA plans to acquire fellow Canadian firm Coreco for C$72 million. The move brings together DALSA's expertise in producing CCD and CMOS image sensor technology with Coreco's vision processing and software know-how.
"Coreco has been looking to acquire a company or partner with someone that has sensor technology to help develop its smart camera business," Patrick Myles, DALSA's director of corporate communications told Optics.org. "DALSA targets growth of 30% a year with 10% through acquisitions. We're interested in acquiring companies with complementary technologies who operate in complementary markets."
DALSA is also predicting the deal will be accretive to earnings in 2005. "By combining these two companies we will see annualised revenues in the range of C$230 million a year," said Myles. "That will add around C$30 million on what DALSA was producing on an annualised basis."
Myles adds that DALSA is not looking to reduce staffing levels at this point. "From a staffing standpoint and from an R&D standpoint, we are not looking at any reductions," he said.
DALSA will continue to sell all of Coreco's products. "The customer likes the fact that both DALSA cameras and Coreco image processors have open architectures and we don't see that changing," explained Myles. "At this point, we are keeping the distribution and the way we sell and market separate."
As Myles points out, there may be opportunities for both companies to collaborate in the longer terms to provide products offering the best of what DALSA and Coreco has to offer.
The acquisition will effectively see Coreco becoming a separate division of DALSA. Expected to complete in April in this year, DALSA's business will have three divisions: semiconductors, digital imaging and DALSA Coreco. The Coreco division will be headed by Keith Reuben, the current president of Coreco.
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