COGNEX AND ELECTROGLAS ENTER MULTI-MILLION DOLLAR AGREEMENT.NATICK, Mass.--(BUSINESS WIRE)--Jan. 20, 1995-- Cognex Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CGNX) has entered into an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreement with Electroglas, Inc., a Santa Clara, CA-based manufacturer of production equipment for the semiconductor industry. Under the three-year agreement, Electroglas is expected to purchase more than $10 million of Cognex machine vision systems for integration with Electroglas' wafer prober equipment. Cognex has already received an initial purchase order from Electroglas for the first $7 million of the contract. "Electroglas and Cognex have shared a very successful business relationship for more than eight years. This contract demonstrates our continued confidence in Cognex's machine vision products as we develop increasingly sophisticated wafer probing solutions," said Neil R. Bonke, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Electroglas, Inc. When integrated with Electroglas' wafer probing equipment, the Cognex machine vision system automatically aligns each wafer prior to probing, reads a serial number from the wafer, and inspects the wafer for probe marks after it has been tested to determine whether probe needles properly touched the wafer. Electroglas, Inc. is a world leader in the development and manufacture of fully automatic wafer probing systems. Headquartered in Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. , with field support and sales offices located worldwide, Electroglas specializes in the development, manufacture, and distribution of state-of-the-art wafer probing solutions for the world's leading semiconductor manufacturers. Founded in 1960, Electroglas is listed on the NASDAQ stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the trading symbol Trading symbol See: Ticker symbol "EGLS EGLS Eastside German Language School (Issaquah, WA) ". Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can "see," which are used to automate a wide range of manufacturing processes where vision is required. Having shipped more than 24,000 machine vision systems to date, Cognex is the world's leader in the machine vision industry. In addition to its headquarters in Natick, Massachusetts, the company has offices throughout the United States and Europe, and in Japan and Singapore. CONTACT: Kathy Bedrosian Public Relations Specialist Cognex Corporation (508) 650-3000 |
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