AMETEK, Inc. (NYSE: AME) Berwyn, PA, has agreed to acquire the surface inspection systems division of Cognex Corp. (NASDAQ: CGNX), headquartered in Hayward, CA, for $160 million.
The SISD business, with annual revenues of $60 million, joins AMETEK as part of its electronic instruments group, which designs and manufactures advanced instruments for the process, aerospace, power and industrial markets.
"The Surface Inspection Systems Division of Cognex is a global leader in non-destructive process inspection and expands our presence in this attractive market segment," said Frank S. Hermance, AMETEK CEO. "Among SISD's strengths are its proprietary high-speed defect recognition technology, software algorithms and deep applications knowledge base."
