Hod Hasharon-based Advanced Vision Technology, which develops automatic print inspection systems, said on Monday it has agreed to be acquired by Danaher Corp. for $100 million. Based in the District of Columbia, Danaher, a manufacturing company with annual sales of $17 billion, will pay 14.50 euros per share ($15.35) in cash for AVT, whose optical inspection systems replace the human eye in inspecting packaging and labels. Many of its customers are served by X-Rite and Esko, companies within Danaher’s platform. The transaction is expected to be completed in the second quarter of 2017.
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The sale has received the approval of AVT’s board, but still requires the approval of shareholders. Since businessman George Horesh, who is the company’s largest shareholder, owns a 51% stake in the company, it is expected that this will not be a hurdle in consummating the sale. Horesh owns Union Motors, the Israeli importer for Toyota. Last year his net worth was estimated at around a billion dollars.
AVT has yet to publish its annual financial results for last year. For the first nine months of 2016, it had revenues of 37.5 million euros, up 8% compared to the same period in 2015, and a 2.1 million euro net profit.
Danaher is trading on the New York Stock Exchange at a market capitalization of around $60 billion. AVT trades on the Frankfurt exchange.