Cognex Acquires German Lighting Technology Provider SAC

Rhea-AI Summary

Cognex Corporation (NASDAQ: CGNX) has acquired SAC Sirius Advanced Cybernetics GmbH, a prominent German lighting technology firm. This acquisition will enhance Cognex’s capabilities in defect detection, especially for electric vehicle (EV) battery manufacturers. SAC's Trevista products will integrate with Cognex's Vision Pro software, targeting the fast-growing EV battery inspection market, vital for maintaining safety standards. Founded in 1996, SAC serves major European automotive suppliers, positioning Cognex to strengthen its presence across high-speed manufacturing sectors.

Positive

• Acquisition of SAC enhances Cognex's defect detection capabilities.
• Strengthens position with EV battery manufacturers in a fast-growing market.
• Integration of SAC's Trevista products with Cognex's Vision Pro software.

Negative

• None.

SAC Provides Advanced Lighting Technology to Leading European Automotive Suppliers

Lighting Solution Will Expand Capabilities to Identify the Most Challenging Defects, Accelerating Cognex’s Growth Trajectory with EV Battery Manufacturers

NATICK, Mass.--(BUSINESS WIRE)-- Cognex Corporation (NASDAQ: CGNX), the leading machine vision company, has acquired SAC Sirius Advanced Cybernetics GmbH, a German leader in lighting technology (“SAC”). The acquisition expands Cognex’s footprint across industries that manufacture at high speed with minimal tolerance for safety-critical failures, such as automotive and consumer electronics. Cognex plans to feature SAC’s Trevista products with its Vision Pro software offering.

Founded in 1996 in Karlsruhe, Germany, SAC’s strong customer base includes leading European automotive suppliers and manufacturers.

“SAC’s technology will improve our defect detection capabilities, and position us particularly well with EV battery manufacturers,” said Joerg Kuechen, Cognex’s Senior Vice President and CTO. “Combining SAC’s capabilities with Cognex’s Vision and AI tools will equip us with industry leading computational lighting technology. Lighting is key to battery inspection because it illuminates small defects on surfaces that could result in safety-critical failures if undetected. EV battery inspection is a large, fast-growing market with sophisticated inspection requirements. We are excited to continue to build out our capabilities and deepen our penetration of this market.”

About Cognex Corporation

Cognex Corporation designs, develops, manufactures, and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors, and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.

Cognex is the world's leader in the machine vision industry, having shipped more than 3 million image-based products, representing over $9 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe, and Asia. For details, visit Cognex online at www.cognex.com.

Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by use of the words “expects,” “anticipates,” “estimates,” “believes,” “projects,” “intends,” “plans,” “will,” “may,” “shall,” “could,” “should,” and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance and financial targets, customer demand and order rates and timing of related revenue, managing supply shortages, delivery lead times, future product mix, research and development activities, sales and marketing activities, new product offerings and product development activities, capital expenditures, investments, liquidity, dividends and stock repurchases, strategic and growth plans, expected benefits from acquisitions, and estimated tax benefits and expenses and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the reliance on key suppliers such as our primary contract manufacturer to manufacture and deliver quality products; (2) delays in the delivery of our products, the failure to meet delivery schedules, and resulting customer dissatisfaction or loss of sales; (3) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices; (4) the failure to effectively manage product transitions or accurately forecast customer demand; (5) the inability to manage disruptions to our distribution centers or to our key suppliers; (6) the inability to design and manufacture high-quality products; (7) the impact, duration, and severity of the COVID-19 pandemic, including the availability and effectiveness of vaccines as well as government lockdowns; (8) the loss of, or curtailment of purchases by, large customers in the logistics or consumer electronics industries; (9) information security breaches; (10) the inability to protect our proprietary technology and intellectual property; (11) the inability to attract and retain skilled employees and maintain our unique corporate culture; (12) the technological obsolescence of current products and the inability to develop new products; (13) the failure to properly manage the distribution of products and services, including the management of lead times and delivery dates; (14) the impact of competitive pressures; (15) the challenges in integrating and achieving expected results from acquired businesses, including the recent acquisition of SAC; (16) potential disruptions in our business systems; (17) potential impairment charges with respect to our investments or acquired intangible assets; (18) exposure to additional tax liabilities; (19) fluctuations in foreign currency exchange rates and the use of derivative instruments; (20) unfavorable global economic conditions, including increases in interest rates and high inflation rates; (21) business disruptions from natural or man-made disasters, such as fire, or public health issues; (22) economic, political, and other risks associated with international sales and operations, including the impact of the war in Ukraine; and (23) our involvement in time-consuming and costly litigation; and the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2021 and Form 10-Q for the fiscal quarter ended October 2, 2022. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221207005950/en/

Investor Contact:

Nathan McCurren

Head of Investor Relations

+1 508-654-1755

Nathan.mccurren@cognex.com

Source: Cognex Corporation

FAQ

What was the strategic purpose of Cognex's acquisition of SAC?

The acquisition aims to enhance Cognex's defect detection capabilities, particularly for electric vehicle battery manufacturers.

How does the acquisition of SAC impact Cognex's market position?

It strengthens Cognex's presence in the fast-growing EV battery inspection market and improves its technological offerings.

What products will Cognex feature from SAC?

Cognex will integrate SAC's Trevista lighting products with its Vision Pro software.

When was SAC Sirius Advanced Cybernetics GmbH founded?

SAC was founded in 1996 in Karlsruhe, Germany.

What industries does Cognex plan to expand into with this acquisition?

Cognex plans to expand its capabilities in industries such as automotive and consumer electronics.