Israeli global developer of automated printing technology Advanced Vision Technology Ltd. (AVT) (ETR: VSJ), said it agreed to be acquired by Washington, DC-based Danaher Corp’s (NYSE: DHR) product identification platform, for Euro 14.50 per share in cash, in a deal valued at $100 million.
AVT is a leading provider of print process control, quality assurance and color control solutions for the packaging, labels, and commercial print industries. Backed by state-of-the-art technology and field-proven solutions, more than 7,000 AVT systems are installed at customer sites worldwide. AVT is headquartered in Hod-Hasharon, Israel with sales, marketing, and support offices in the United States, Europe and China. The company was founded in 1992.
Danaher designs, manufactures, and markets professional, medical, industrial, and commercial products and services, with 62,000 employees worldwide, and a market capitalization of roughly $60 billion. Danaher’s product identification platform is a group of technology companies dedicated to simplifying consumer goods and packaging value chains around the world through innovative software and hardware solutions for color selection and communication, product and packaging design, and production, unique identification with marking and coding, as well as track and trace. Danaher’s companies include X-Rite, Pantone, Esko, MediaBeacon, Videojet, Linx, Laetus and Foba. The company was formerly known as Diversified Mortgage Investors Inc. and changed its name to Danaher Corp in 1984. The company was founded in 1969.
AVT’s in-line inspection systems are used by the world’s top packaging and label converters to improve product quality and efficiency of their operations. Many of the same customers are served by X-Rite and Esko, market-leading companies within Danaher’s product identification platform. Combining AVT’s strong position in print inspection and quality control with X-Rite’s color inspection capabilities, and Esko’s packaging workflow will enable all three companies to offer solutions that simplify management of complex packaging value chains for both packaging converters and CPG brand owners.
“We are thrilled to have AVT join Danaher’s product identification platform, which includes X-Rite, Pantone, Esko, MediaBeacon, Videojet, Linx, Laetus and Foba,” said Joakim Weidemanis, Group Executive for Danaher’s Product ID platform. “AVT is an outstanding business characterized by innovative products, a strong brand, dedicated team and excellent growth prospects. We see AVT as a natural complement to our platform of businesses serving packaging and label production value chain.”
“Being part of Danaher’s product identification platform will strengthen our ability to continue to execute our existing strategy and will enable us to bring more innovative and connected solutions for the packaging and label value chain,” said Jaron Lotan, AVT’s CEO.
AVT’s Board of Directors has unanimously approved the deal and has unanimously recommended that AVT shareholders approve the deal. The deal is subject to customary conditions, including approval by AVT’s shareholders, and is expected to be completed in the second quarter of 2017.