Virtek Vision selling iLS division to Metris

July 5--Virtek Vision has signed an agreement for the purchase by Metris of the assets of Virtek's Intelligent Laser Systems (iLS) group for approximately C$6 million in cash.

The purchase agreement is subject to satisfactory completion of due diligence by Metris and certain closing conditions, which also will determine the final price to be paid. Since July 2006, the Virtek iLS division, a developer of precision laser based technologies for the aircraft manufacturing industry, has been acting as the integrator for Metris' iGPS and Laser Radar technology. iLS contributed approximately $4.7 million to Virtek's total sales of $63.8 million for the fiscal year ended January 31, 2007.

"The decision to sell iLS is consistent with our strategy to focus on Virtek's Marking & Engraving business as the area offering our company the best opportunities for consistent growth and profitability. Our Marking & Engraving sales grew more than 28 percent in fiscal 2007 and 44 percent in the first quarter of the current fiscal year," said Bob Sandness, president and CEO.

The iLS operations are based in Waterloo, Ontario, and currently employ 24 people. "We understand that it is Metris' intention to maintain the current operations in Waterloo and to retain all of its employees who have contributed to the development and success of this business on an international scale," Sandness said.

Get All the Industrial Laser Solutions News Delivered to Your Inbox

Subscribe to Industrial Laser Solutions Magazine or email newsletter today at no cost and receive the latest news and information.

 Subscribe Now
ILS Blogs
David Belforte
David Beleforte

Let's grow LME

Mon Apr 22 08:51:00 CDT 2013

Looked at manufacturing lately?

Wed Mar 20 09:57:00 CDT 2013

Industrial laser market meets forecast

Fri Mar 08 10:59:00 CST 2013

Photonics West features ultra-fast and fiber lasers

Mon Feb 18 13:31:00 CST 2013

Follow us at Join us on

Twitter - Industrial Laser Solutions

See Article Archive

View Industrial Laser Solutions past articles.

Copyright © 2007-2016. PennWell Corporation, Tulsa, OK. All Rights Reserved.PRIVACY POLICY | TERMS AND CONDITIONS