Cognex Corporation and Avalon Imaging Announce Strategic Partnership.NATICK, Mass.--(BUSINESS WIRE)--Jan. 6, 1999-- Cognex to make equity investment in Avalon Imaging and provide core technology for Avalon's next generation vision systems Cognex Corporation Cognex Corporation is an American corporation that manufactures commercial machine vision systems. Cognex is the world leader in its field, holding an array of patents and employing academic experts. (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), the world's leading supplier of machine vision systems, and Avalon Imaging, a supplier of special-purpose vision systems for the plastic injection molding injection molding n. A manufacturing process for forming objects, as of plastic or metal, by heating the molding material to a fluid state and injecting it into a mold. industry, have signed an agreement to form a strategic partnership. The partnership includes 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 in which Cognex will provide the core machine vision technology for Avalon Imaging's next generation systems. In addition, Cognex will provide Avalon with $1 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , which will be used to help fund Avalon's product development and expansion of their marketing and support channels. Avalon Imaging makes inspection vision systems that monitor the operation of injection molding presses which are used to manufacture plastic parts such as electrical connectors, automotive parts, and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and . Manufacturers use the Avalon systems to look at molds after parts have been formed and ejected, to ensure that the mold is clear and can be closed without damage to expensive tooling. The systems also improve the throughput of the press by eliminating the need for additional ejection cycles. Under the OEM agreement, Avalon expects to purchase more than $1 million of Cognex machine vision over the next year. Avalon will combine Cognex's image analysis technology with their application-specific inspection software to enhance the performance of their next generation of on-press mold protection systems. Avalon will also use Cognex vision technology in new products that will provide inspection for finishing and assembly processes that are downstream of the injection molding machines. "We are very excited to be entering into this relationship with Avalon," said David Schatz, Cognex's Vice President for Corporate Development. "Avalon already has an excellent presence and reputation in the injection molding industry. With this agreement, Avalon engineers can focus on developing ease-of-use and new, value-added features for their customers, while relying on Cognex for their core machine vision software. This unique marriage between a solution provider like Avalon, and a vision technology supplier like Cognex, is an ideal way to deliver the benefits of machine vision to the factory floor." "We partnered with Cognex because of their superior technology, which will enable Avalon to handle even more challenging inspection and quality control tasks for plastics manufacturers," said Elliott Bouillion, President of Avalon Imaging. "In addition, the equity financing from Cognex will help accelerate our growth by enabling us to hire more engineers, sales, and support staff. And, as we become more successful, Cognex's investment will appreciate in value as well." Avalon Imaging is the industry's leading supplier of vision systems for plastics manufacturing, with more than 1,000 systems installed. Avalon systems help plastic injection molders monitor and correct operations on and near the mold press, thereby preventing tool damage and increasing productivity. Founded in 1992, the company employs 45 people and is headquartered in Boulder, Colorado The City of Boulder (, Mountain Time Zone) is a home rule municipality located in Boulder County, Colorado, United States. Boulder is the 11th most populous city in the State of Colorado, as well as the most populous city and the county , with regional sales and support offices across the U.S. Avalon Imaging can be found on-line at http://www.avalonimaging.com. Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can "see." Cognex is the world's leader in the machine vision industry, having shipped to date more than 75,000 machine vision systems. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts Natick (Pronunciation IPA: /ˈneɪtɪk/) is a town in Middlesex County, Massachusetts, United States. Natick is located near the center of the MetroWest region of Massachusetts, with a population of 32,170 at the , specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California Alameda is a city in Alameda County, California, United States. It is located on a small island of the same name next to Oakland, California in the San Francisco Bay. An additional part of the city is Bay Farm Island, which is adjacent to the Oakland International Airport. , specializes in machine vision systems which are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, paper, and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Japan, Europe, and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . Visit Cognex on-line at http://www.cognex.com. |
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