Product category:
Manufacturing dealerships, agencies and acquisitions
News Release from: Metris
Edited by the Manufacturingtalk Editorial
Team on 11 May 2007
Italian coordinate measuring machine
firm acquired
Metris has announced that it has acquired 100 percent of Coord3, an Italian Coordinate Measuring Machine (CMM) manufacturer with headquarters in Bruzolo, Torinumber.
Metris has announced that it has signed a share purchase agreement with the shareholders of Coord3 to purchase of 100 percent of the Coord3 stock The Coord3 acquisition fits in with the Metris strategy to expand its market share by acquisitions
This article was originally published on Manufacturingtalk on 17 Jun 2008 at 8.00am (UK)
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Coord3 is an Italian coordinate measuring machine (CMM) manufacturer with headquarters in Bruzolo, Torinumber.
The purchase agreement is subject to due diligence and certain closing conditions and provides for a maximum aggregate consideration of 1 million euro in cash, a maximum contingent consideration of 1,5 million euro which is convertible in Metris stock and the issuance of warrants ensuring retention of management-shareholders.
Coord3 realised in 2006 revenues totaling 11 million euro, and has 2,7 million euro net financial debt.
Metris expects the acquisition to be net profit accretive for the year 2007.
"With the acquisition of Coord3, we expand our installed base of mechanical CMM customers by more than 2300 installations".
comments Bart Van Coppenolle, President and CEO of Metris, "We can offer these new Metris customers an upgrade path to our innovative optical technologies e.g laser scanning.
With the new range of CMM products in our portfolio we are also now capable of offering new and existing customers mid range aluminum CMMs as well as the current high-end ceramic CMM offering".
"We are excited to join the most dynamic company in the micro metrology sector".
comments Angelo Muscarella, CEO of Coord3, "With the Metris revolutionary optical metrology portfolio, Coord3 customers can trust on a reliable partner for a smooth transition to optical measurement technology".
With reference to the qualification made in the Metris acquisition strategy description, Metris characterises the Coord3 acquisition as an acquisition to gain market share by acquiring installed base. Request free introductory details about products from Metris ...
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