GSI Group Acquires JADAK
March 17, 2014 - News
February 18, 2014 – GSI Group Inc. (NASDAQ: GSIG), a global leader and supplier of precision photonics and motion control components and subsystems to the medical, industrial, electronics and scientific markets, today announced that it has reached an agreement to acquire JADAK Technologies Inc. and JADAK LLC (together, “JADAK”), a North Syracuse, New York-based provider of optical data collection and machine vision technologies to OEM medical device manufacturers, for $93.5 million in cash. The transaction, which is subject to certain regulatory reviews and customary closing conditions, is expected to close in March, 2014.
– A message on the acquisition from Dave Miller, President, JADAK
Dear valued customers, partners, and subscribers,
I have important news to share that you may or may not be aware of. On February 18, 2014, JADAK reached a definitive agreement to join GSI Group Inc. (NASDAQ: GSIG)
Since our inception in 2000, JADAK has strived to help medical device manufacturers solve unique scanning, inspection, and tracking challenges while adhering to a core set of values that we believe sets us apart from our peers – Customer Service, Integrity, Quality, Teamwork, and Visionary Thinking. Just words to some, but at JADAK they stand for much more – it is intrinsically who we are and a mantra that shapes how we conduct every aspect of our business, day in and day out.
JADAK and GSI have very similar business models, customer bases and technology approaches. As a result, this merger will allow us to expand our global coverage and broaden our product offerings in a way that supports our customers like never before. Most importantly, GSI’s core values match up almost identically to JADAK’s, so the commitment to quality, service and world-class auto-ID solutions you’ve come to expect from JADAK and our employees is only enhanced through this new partnership.
It’s also important to note that this merger will not have an impact on our existing management structure and we’ll remain in our current facility in North Syracuse, NY. Any changes that do occur as a result of this transition will be minimal and largely transparent to our customer base.
In closing, we’re confident our partnership with GSI better positions JADAK to serve your evolving needs. As always, I welcome your feedback should you have any questions, comments, or concerns.
Thank you – Dave Miller