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Dalsa to Acquire Coreco

Photonics.com
Feb 2005
WATERLOO, Ontario, Feb. 17 -- Dalsa Corp. announced today it will acquire Coreco Inc. for approximately $72 million in cash and stocks.

Coreco brings vision processors, software and smart camera technology to Waterloo-based Dalsa, which develops high-performance image sensor chips and digital cameras. Coreco, known as Coreco Imaging, is based in Montreal and has a facility in Billerica, Mass.

The two publicly traded companies said the deal has the unanimous support of their boards. It requires ratification by two-thirds of the votes cast by Coreco shareholders, as well as regulatory approval.

Keith Reuben, Coreco's president and CEO, will join Dalsa as president of Dalsa Coreco and report to Dalsa CEO Savvas Chamberlain. "Today's agreement combines two Canadian companies with excellent fundamentals, solid management and strong technology," said Chamberlain. "Furthermore, I am pleased that our corporate cultures are so similar. This will accelerate integration, while minimizing disruption of both companies' existing businesses."

Reuben said, "This agreement fulfills Coreco's long-stated strategy of gaining access to sensor technology and furthering our capabilities for smart cameras. In the short-term, both companies will benefit from matching Coreco's products with Dalsa's image sensor and camera technology to address specific needs in flat panel display inspection, an expanding end market in which both companies are particularly strong. Longer-term, the opportunities to collaborate are equally significant and will enhance the overall competitiveness of the combined business."

Dalsa will pay 0.5207 share or $10 cash or a combination of both for each Coreco share. The cash component is subject to a $35-million maximum. Coreco founder Daniel Crevier and chairman Robert Mee have agreed to tender shares representing 11 percent of the total.

The transaction is expected to close in late April and to add to Dalsa's 2005 earnings.

For more information, visit: www.dalsa.com



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