Coreco Completes ITI Acquisition
MONTREAL, July 5 -- Coreco Inc. has increased its presence as a supplier of vision boards to OEMs and system integrators with the acquisition of Imaging Technology (Bedford, Mass.), Coreco said. As of June 30 Coreco bought all of the remaining shares of Imaging Technology from Fairey Group plc for a total of $14.5 million.
Coreco will use Imaging Technology's high-performance, high-volume frame grabbers to strengthen its own line of frame grabbers -- opening Coreco to previously untapped areas of the market, the company said. Right away Coreco will expand its global presence from 20 to 35 countries by gaining access to Imaging Technology's previously established markets in North America, South America, Europe and Asia.
With the transaction, Coreco gets nine new distributors and 19 system integrators in the US, as well as access to customers in the US automobile industry. The deal also means more sales networks in Europe and the addition of a critical European distributor. Imaging Technology will also expand Coreco's presence in Japan, Korea and Taiwan.
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