Cognex to buy Japan optics component firm from Trustar Capital

Credit: REUTERS/Florence Lo

Adds quotes, details from para 4-9

Aug 30 (Reuters) - U.S. vision systems company Cognex on Wednesday said it has agreed to buy Japanese optical component producer Moritex Corp for 40 billion yen ($273.49 million) in its largest acquisition to date, as it seeks to increase its market presence in Japan.

Massachusetts-based Cognex CGNX.O is buying Moritex from Chinese private equity firm Trustar Capital, which is affiliated with CITIC Capital Holdings.

In a separate statement, Trustar said the transaction is expected to be completed in the next few months.

Cognex said the all-cash deal marks its largest acquisition since it was founded in 1981, with Moritex expected to contribute 6-8% of its revenue.

Moritex produces machine vision systems, such as high-spec lens and lighting for industrial use, and medical and cosmetic equipment, according to Trustar.

Cognex provides vision systems, software, sensors and industrial barcode readers, with solutions and tools covering areas from airport baggage handling to the semiconductor manufacturing process, Cognex's website shows.

"Expanding into the optics components segment with this acquisition will increase our served market and deepen our penetration of the Japanese machine vision market," Cognex Chief Executive Officer Robert Willett said.

Mitsubishi UFJ Morgan Stanley served as a financial adviser on this deal, said Trustar Capital.

Cognex said Evercore acted as its sole financial adviser.

($1 = 146.2600 yen)

(Reporting by Navya Mittal in Bengaluru and Roxanne Liu in Beijing; Editing by Varun H K and Sharon Singleton)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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