Virtek Acquires LaserTechniek
WATERLOO, Ontario, Canada, Oct. 22 -- Virtek Vision International Inc. has finalized an agreement to purchase LaserTechniek BVBA, a laser systems company based in Belgium. Last year LaserTechniek reported approximately $1.5 million in sales of its equipment for projecting laser templates. LaserTechniek sells largely to Europe in applications new to Virtek, such as projecting templates for CNC cutting, concrete forming, and recreational vehicle manufacturing.
This acquisition is an important step in our growth strategy, which includes further penetration of our core markets while developing new vertical market opportunities, said Jim Crocker, president and CEO of Virtek. This latest acquisition is the second to be announced by Virtek in the past six weeks; on August 26, the company reported that it had entered into a letter of intent to purchase GSI Lumonics' aerospace templating business. The latter transaction is expected to close in the fourth quarter of Virtek's fiscal year.
MORE FROM PHOTONICS MEDIA