Barco buys Element Labs
Paul Milligan, March 18, 2010
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Barco has bought LED manufacturer Element Labs to help flesh out its LED product portfolio. Barco has made the acquistion to give customers a range of offerings (and related costs) in rental, staging and fixed installations. The name Element Labs will cease to exist, with immediate effect. Barco will not book any goodwill on this transaction.
‘This expands Barco’s portfolio for the mid-range markets,’ Eric Van Zele, Barco’s president and CEO, comments. ‘Element Labs’ products in these markets have proven their worth on many occasions and perfectly complement Barco’s more high-end oriented market portfolio.’
Paul Matthijs, VP of Barco’s video & lighting solutions business, continues: ‘This transaction will help to accelerate the turnaround which is under way in our Video & Lighting activities, by enabling Barco to address a wider segment of the market, and further leveraging Barco’s existing sales, marketing, and service capabilities.’
Structured as an asset sales transaction, Barco obtains all product designs, rights and intellectual property of Element Labs, without assuming the liabilities of the former EL-company. The core team of Element Labs in Santa Clara, California, will function as Barco’s competence centre for LED, whereas Barco Kuurne (Belgium) will remain the competence centre for tiled LED products.
Barco will announce its new mid-range LED products in the coming months.
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