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Teledyne snaps up Adimec

14 Feb 2024

Eindhoven-based maker of industrial cameras set to become latest addition to Teledyne's sprawling portfolio of imaging brands.

Teledyne is to further expand its already extensive portfolio of imaging technologies, with a deal to acquire the Dutch industrial camera maker Adimec.

Founded in 1992 by Just Smit, Bas Heijn, and Jochem Herrmann, Adimec sells a wide range of cameras typically used in machine vision, healthcare, and defense applications, with products operating in the visible, infrared, and X-ray spectral regions - including custom options.

One example is the firm’s 103 megapixel “DIAMOND D-103A12-T” camera for high-resolution metrology, which is aimed at the displays sector for LCD, OLED, and MicroLED inspections.

Another area of expertise is an active lens alignment system that uses real-time measurements to assist in the positioning of the image sensor to optimize the performance of short-wave infrared (SWIR) imagers used in defense applications.

Complementary technology
Those technologies will augment a Teledyne line-up that has expanded dramatically over the past decade through a series of acquisitions of camera and image sensor manufacturers.

Edwin Roks, the Massachusetts firm’s CEO, said of the latest deal: “Adimec possesses uniquely complementary technology, products and customers in the shared strategic focus areas of healthcare, global defense, and semiconductor and electronics inspection.

“For decades, and from our own X-ray imaging business headquartered in Eindhoven, I have watched Adimec grow to become a leader in niche applications requiring truly accurate images for precise decision making in time-critical processes.”

Alex de Boer, one of Adimec’s two co-CEOs, commented: “As a leader in advanced imaging technologies for industrial and scientific markets, Teledyne is the perfect company to build further on the strong foundation the founders and management have established over the past three decades.

“The entire Adimec team is looking forward to contributing to an exciting future with Teledyne while extending technical boundaries to support our customers with cameras - perfectly optimized to their application needs.”

Joost van Kuijk, who has led Adimec alongside de Boer since 2014, added: “It is with great pleasure that we are able to announce publicly that Adimec will become part of Teledyne.”

Imaging growth
Teledyne’s most recent sales figures show that its digital imaging division posted annual sales of $3.14 billion in 2023, accounting for more than half the NYSE-listed company’s total revenues of $5.64 billion.

In 2010, imaging represented only 7 per cent of Teledyne’s $1.64 billion annual revenues, equivalent to just over $100 million.

However, since then the company has acquired the likes of Dalsa, e2v technologies, and the Roper subsidiaries Princeton Instruments, Lumenera, and Photometrics. Then in 2021 the firm completed its most significant move in the sector with the deal to buy thermal imaging giant FLIR, at a cash-plus-stock cost of around $8 billion.

Speaking during Teledyne’s most recent investor call, executive chairman Robert Mehrabian said that he expected the overall business to grow its sales revenues by around 4 per cent this year, with the FLIR division set to grow slightly more rapidly than its other imaging subsidiaries.

“FLIR defense especially, is experiencing really good order intake - and we expect the growth there to exceed that of the rest of the imaging [business unit],” he added.

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