The purchase price will be approximately $US5.65 million, subject to adjustments as of the closing of the transaction. The transaction is subject to customary conditions to closing next month. Both companies have agreed to consummate the sale as soon as possible. The two divisions being sold are SecurityandMore and Industrial Vision Source that largely comprise the company’s DSG group. The two divisions had combined annual revenues of approximately $20 million in fiscal year 2003.
SecurityandMore is a leading supplier of “do-it-yourself” video surveillance and security solution applications, including prepackaged solutions and customer designs that turned over $US11 million last year. Meanwhile, Industrial Vision Source, which had sales of over $9 million in 2003, is a leading single source supplier of technologically advanced imaging components and video equipment. IVS is the largest supplier of Sony Visual Imaging Products in the United States, and supplies a wide variety of products from the industry’s other large manufacturers including Hitachi, Panasonic, Elmo, Tamron, Pentax, Fujinon and Navitar as well as its own brand name equipment. The products sold by IVS enhance factory automation, improve video teleconferencing and enable security, monitoring or communication in a variety of other applications such as robotics, distance learning, microscopy, in-car video monitoring, computer imaging and mobile applications.
