Cognex headquarters
Cognex Corporation has announced its acquisition of optical component supplier, Moritex Corporation. Trustar Capital (a private equity affiliate of CITIC Capital Holdings Limited) accepted the industrial machine vision manufacturer’s offer of ¥40 billion (approximately $275 million), in an all-cash transaction.
Key information:
- Cognex is set to acquire Moritex Corporation.
- The industrial machine vision manufacturer hopes the move will expand its product portfolio as well as its presence in the Japanese market.
- Moritex is an established optical components manufacturer with over 50 years of experience.
The move is expected to increase Cognex’s product portfolio to now include optic components. Additionally, Moritex has a substantial presence in the Japanese market, which is a key target area for Cognex as it hopes to penetrate the high-growth vision market in the country.
“At Cognex, we provide manufacturers with the most advanced machine vision solutions. We have long admired, and sold, Moritex optics components as an important element of what we do,” said Robert Willett, President and CEO of Cognex. “We often note that machine vision functions like the eye and brain of a human: Cognex vision systems are akin to the brain, and Moritex optics, the eye. Bringing these complementary technologies together will streamline the solution we provide our customers, enabling a more advanced and integrated offering. Expanding into the optics components segment with this acquisition will increase our served market and deepen our penetration of the Japanese machine vision market.”
Moritex has been providing standard optical components for over 50 years. Its headquarters is in Yokohama, Japan, with the manufacturer employing approximately 500 people. The Japanese company also develops and sells high-accuracy solutions for equipment manufacturers in a variety of industrial markets. Cognex hopes that Moritex will contribute 6-8% of its revenue, with the acquisition expected to be accretive to GAAP EPS in 2025.
“We are excited to join Cognex as we work towards our mission to provide the best optical solutions for our customers. Combining our best-in-class optics components with a global machine vision leader will create new opportunities for growth,” said Takao Sato, Chief Executive Officer of Moritex. “This acquisition will position us to deliver our solutions to Cognex’s broad customer base, providing a more comprehensive machine vision offering. We remain committed to proactively serving and supporting our customers around the world.”
Willett continued, “Moritex will be Cognex’s largest acquisition in our 42-year history. We are highly selective in evaluating potential acquisitions. Moritex exceeds our selection criteria based on its strategic fit, reputation, growth prospects, culture of innovation, and financial profile.”
The transaction is expected to be completed by the end of 2023, subject to customary closing conditions. Evercore acted as the sole financial advisor to Cognex, during the transaction.