Elbit Vision Systems to be Acquired by Uster
12 February, 2018
Uster will acquire a 100% ownership of EVS for approximately $32 million. The price represents 16.8% premium on the closing price of the Company's shares
Elbit Vision Systems (EVSNF) announced today that it has agreed to be acquired by Uster Technologies AG, a Swiss company. Uster will acquire a 100% ownership of EVS for approximately $32 million. The price represents 16.8% premium on the closing price of the Company’s shares on February 9, 2018. The acquisition of EVS by Uster has been approved by the Boards of Directors of both companies. The general meeting of the shareholders of EVS will be asked o approve the agreement in March, 2018. The transactions is expected to be completed during the second quarter of 2018.
Sam Cohen, Chief Executive Officer of EVS, said that Uster Technologies is the optimal for growing the business of the Company. “Despite our success in turning the Company from a loss-making enterprise in 2010, to a profitable company, the last three years have seen revenues remain largely flat. Our board of directors and senior management team have spent the last 18 months conducting an in-depth analysis on alternatives for increasing shareholders value, including discussions with a number of potential acquirers and investors.”
Thomas Nasiou, Chief Executive Officer of Uster said: “The acquisition fits perfectly into our vision to be the world’s leading supplier of quality solutions for the textile industry from fiber to fabric. EVS technology will offer USTER’s clients the potential for further automation and improvement.” EVS offers a broad portfolio of automatic Visual Inspection Systems for both in-line and off-line applications.
Uster Group manufacturs products for quality measurement and certification for the textile industry. It provides testing and monitoring instruments, systems and services that allow optimization of quality through each individual stage of textile production. This includes raw textile fibers, such as cotton or wool, all staple fiber and filament yarns, as well as downstream services to the final finished fabric. Uster Technologies provides benchmarks that are a basis for the trading of textile products at assured levels of quality across global markets.