Avimo Group acquires Amarel Electro-Optics

17 Jun 2002

The Avimo Group Ltd. (Singapore), parent company of optical subassembly-and-component-manufacturer Avimo Electro-Optics Ltd. (Tulsa, OK), has acquired Amarel (Fairport, NY); the company consists of Optem International (Fairport, NY), specializing in optical and illumination systems for machine-vision and microscopy applications, and stereoscope-manufacturer Image Interpretation Systems (Fairport, NY).Under the terms of the agreement, Avimo will purchase 80% of Amarel's issued share capital for $11 million in cash, $2.9 million of which is payable to Amarel, while the balance goes to company stockholders. In a separate agreement, on October 1, 1999, Avimo will then acquire the remaining 20% of Amarel's equity at a price ranging between $3.2 and $6.6 million, defined by Amarel's performance during the previous 12 months.