Home / Knowledge / News / Textiles / Uster Technologies to acquire Elbit Vision Systems
Uster Technologies to acquire Elbit Vision Systems
14
Feb '18
Courtesy: Elbit Vision Systems
Courtesy: Elbit Vision Systems
Uster Technologies, Switzerland’s leading high-technology instrument manufacturer of products for quality measurement and certification for the textile industry, has announced that the company is set to complete acquisition of Elbit Vision Systems Ltd. (EVS), a pioneer in the science of machine vision inspection for textile fabrics and technical webs.

Uster will acquire a 100 per cent ownership of EVS, paying $3.40 per share, or approximately a 16.8 per cent premium on the closing price of the company’s shares on February 9, 2018. This corresponds to an Enterprise Value of approximately $32 million. The acquisition of EVS by Uster has been approved by the Boards of Directors of both companies, and is subject, among other things, to the approval by the general meeting of the shareholders of EVS, which is expected to be obtained in March, 2018.

Subject to the fulfilment of standard closing conditions, the transaction is expected to be completed during the second quarter of 2018. Thereafter, EVS will be a wholly owned subsidiary of Uster Technologies AG.

Sam Cohen, chief executive officer of EVS said, “We believe that the merger with Uster Technologies is the optimal route for growing the business of the company. Despite our success in turning the company from a loss-making enterprise with onerous levels of debt in 2010 – the year of our management takeover – to a profitable company with no meaningful debt, the last three years have seen revenues remain largely flat. As a result, the management of EVS has come to the conclusion that given the current conditions of the industries in which we operate and the capital markets, our ability to continue to increase shareholder value is extremely challenging and uncertain as a stand-alone entity.”

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 fibre to fabric. EVS technology will offer Uster’s clients the potential for further automation and improvement for increased and sustainable performance.” (GK)

Fibre2Fashion News Desk – India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Urmil Arya

Sushila International, a well established textile organisation established ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search