Lectra to Acquire Lacent Technologies
Paris-based technology supplier Lectra has reached an agreement to acquire Canadian cutting equipment manufacturer Lacent Technologies for an undisclosed sum.
Lacent, based in Edmonton, Alberta, develops laser-cutting systems used for industrial textiles, automotive upholstery and airbags. The company owns about one-quarter of the world’s cutting equipment market. The company is especially strong in North America and Europe. It has also been expanding into Asia.
The acquisition is anticipated to close within the next 30 days. According to the terms of the deal, Lectra will acquire 100 percent of Lacent Technologies’ fully diluted capital and the total consideration will be paid in full at closing from Lectra’s net cash assets, with no bank financing.
Lacent and Lectra’s 2003 combined revenues in laser-cutting systems exceeded $17 million. The two companies estimate that the worldwide demand for continuous process laser-cutting systems should show a double-digit annual growth over the next four years to reach between $30 million and $40 million.
“This acquisition is in line with Lectra’s external growth strategy initiated several months ago, in a market destined for restructuring and consolidation,” said Lectra Chief Executive Officer Daniel Harari in a statement. “Lacent’s laser technologies, together with Lectra’s leading fabric and leather knife-cutting systems, will bring them the guarantee of the most extensive, powerful, state-of-the-art technologies and unrivaled service.” —R.M.
