Elbit Vision Systems and its subsidiary to acquire Panoptes
JANUARY 13--Elbit Vision Systems (Yoqneam, Israel) announced that together with its wholly owned subsidiary, ScanMaster Systems, it has executed an agreement to acquire the business, assets and shares of Panoptes (www.panoptes.co.il).
JANUARY 13--Elbit Vision Systems (EVS; Yoqneam, Israel), a provider of automatic optical inspection and quality monitoring systems, announced that together with its wholly owned subsidiary, ScanMaster Systems, it has executed an agreement to acquire the business, assets and shares of Panoptes (www.panoptes.co.il). The transaction follows the execution of a series of agreements with Mivtach Shamir, announced last week.
Panoptes is an innovator of machine-vision systems for surface inspection, technical fabrics, textiles, glass, and other woven materials. In connection with the purchase, EVS will issue 800,000 shares and pay cash royalties equaling 3.5% of sales of EVS optical inspection systems between January 2006 and the end of December 2008 to Ma'aragim--Panoptes' controlling shareholder. The transaction is subject to the completion of certain customary closing conditions.
EVS offers a broad portfolio of automatic in-line inspection and quality monitoring systems used to improve product quality and increase production efficiency. The company's industrial division provides automatic optical inspection and nondestructive ultrasound inspection systems for heavy manufacturing (automotive, aeronautics, steel, and others). EVS maintains headquarters and manufacturing in Israel, R&D operations in Israel, and offers global sales and support coverage.