ISRA VISION acquires majority share of Parsytec
JULY 24, 2007--ISRA VISION (Darmstadt, Germany), a supplier of industrial image-processing systems, has acquired 52.6% of stock (3,246,983 shares) in Parsytex (Aachen, Germany).
JULY 24, 2007--ISRA VISION (Darmstadt, Germany), a supplier of industrial image-processing systems, has acquired 52.6% of stock (3,246,983 shares) in Parsytex (Aachen, Germany): 48.6% of the Parsytec stock (3,000,213 shares) was acquired from the company's founder and principal shareholder Dietrich Kübler, and 4.0% (246.770 shares) was acquired from an institutional investor. For both transactions, the per-share purchase price was €5.65 cash. In total, a volume of €18.3 million was traded.
In the next few weeks, ISRA VISION will make a mandatory public offer to the remaining shareholders to buy their shares at the same price, €5.65. The offered price values Parsytec at €34.9 million. This corresponds to a premium of 19.2% on the Xetra closing price of Friday, July 20, 2007.
Parsytec is a supplier of surface-inspection systems for use in the production of sheet materials. It specializes in the areas of metals and paper. In the last nine years, ISRA has enjoyed unbroken profitable growth. In its surface vision division, the company has focused on inspection solutions for the glass, plastics, paper, print, and metals sectors. Commenting on the transaction, the chairman of the executive board at ISRA VISION, Enis Ersü, said, "The acquisition means a big leap for our Project 100+, which has the goal of reaching €100 million consolidated revenues by 2011."