Cognex to buy Japan optics component firm from Trustar Capital (updated)

Cognex

30/08/2023 08:42

(Adds quotes, details from para 4-9)
       Aug 30 (Reuters) - U.S. vision systems company Cognex on
Wednesday said it has agreed to buy Japanese optical component
producer Moritex Corp for 40 billion yen ($273.49 million) in
its largest acquisition to date, as it seeks to increase its
market presence in Japan. 
    Massachusetts-based Cognex  CGNX.O  is buying Moritex from
Chinese private equity firm Trustar Capital, which is affiliated
with CITIC Capital Holdings.
    In a separate statement, Trustar said the transaction is
expected to be completed in the next few months.      
    Cognex said the all-cash deal marks its largest acquisition
since it was founded in 1981, with Moritex expected to
contribute 6-8% of its revenue.
    Moritex produces machine vision systems, such as high-spec
lens and lighting for industrial use, and medical and cosmetic
equipment, according to Trustar.
    Cognex provides vision systems, software, sensors and
industrial barcode readers, with solutions and tools covering
areas from airport baggage handling to the semiconductor
manufacturing process, Cognex's website shows.
    "Expanding into the optics components segment with this
acquisition will increase our served market and deepen our
penetration of the Japanese machine vision market," Cognex Chief
Executive Officer Robert Willett said. 
    Mitsubishi UFJ Morgan Stanley served as a financial adviser
on this deal, said Trustar Capital.
    Cognex said Evercore acted as its sole financial adviser.

($1 = 146.2600 yen)

 (Reporting by Navya Mittal in Bengaluru and Roxanne Liu in
Beijing; Editing by Varun H K and Sharon Singleton)
 ((Navya.Mittal@thomsonreuters.com;))