AUGUST 28, 2007--Press-inspection specialist Advanced Vision Technology (AVT; Hod Hasharon, Israel; www.avt-inc.com) is bolstering its color-control portfolio by agreeing to acquire Graphic Microsystems (GMI) from Dover Diversified, a subsidiary of Dover Corporation, for £16.6 million ($33 million). The cash deal, which is subject to due diligence, is expected to be completed in September.
AVT plans to maintain GMI's global network of sales offices, including those in Europe. GMI supplies closed-loop color-control systems, color-management and reporting software, and remote digital ink-fountain-control systems. The Belgium-based firm's worldwide customer base includes commercial printers and kit manufacturers. The company's products are sold to commercial, semi-commercial, newspaper, and specialty printers in the heat-set and cold-set web printing markets, as well as printing-press OEMs worldwide.
AVT president and chief executive Shlomo Amir said, "The merger creates a major technology provider for the printing industry and brings AVT into a whole new league. For two years, AVT has been looking into penetrating other markets via acquisition. GMI operates in adjacent print markets to AVT; its color technology is unique and complements AVT's vision technology. AVT introduced machine vision to the printing industry, and GMI's proprietary closed-loop color-control system is the only solution available based on spectral measurements, a key competitive edge. This synergy provides a strong platform for further expansion, organic and nonorganic. As GMI is a profitable company with revenues similar in size to AVT, the acquisition allows us to double in size and accelerate EPS growth."