Display Technologies Inc. (fka DTEK)

[lifegear]

here's the $6M figure--old data...IMI plc acquires Display Technologies for US$37 million (£26 million) - Further step in refocusing IMI on higher growth markets - 1 June 2001

IMI plc, the major international engineering group, today announces its acquisition of 80% of Display Technologies for a cash consideration of approximately £26 million. Richard Jay, President of Display Technologies and responsible for most of the strong growth in recent years, will retain a minority stake and continue to play a leading role in the further development of the combined businesses. Display Technologies reported turnover of US$56 million and operating profit of US$6 million for the year to 31 December 2000, with net assets of around US$13 million. The cash consideration is payable on completion. IMI has agreed put/call options on the minority stake.

Display Technologies, located in New York, is an industry leading designer and supplier of Point-of-Purchase (PoP) displays in the US and Europe for a wide range of consumer product companies within the beverage, cosmetics and food industries. Specialising in highly creative plastics designs, Display Technologies has developed an enviable reputation for innovation and quality.

IMI's own involvement in PoP has expanded quickly under its US-based Cannon Equipment subsidiary, part of the Drinks Dispense group. Cannon has focused on heavier duty, metal and wire formed solutions for the dairy, newspaper, confectionery and clothing industries, with strong in-house, highly automated manufacturing plants spread throughout the US.

The combined businesses will have sales in excess of US$160 million. Product and market positions are highly complementary, with numerous cross-selling opportunities, not just within the new combine, but more broadly with IMI (most notably with the beverage business).

Martin Lamb, Chief Executive of IMI plc, said: "The Point-of-Purchase market is a US$24 billion business, growing by at least 5% per annum, with a blue chip customer base comprising most of the world's leading consumer products companies and retailers. Consolidation amongst the customer base, particularly in the US retail sector, is driving rationalisation on the supply side, which is currently highly fragmented. IMI is well placed to lead this supply side consolidation in what is a high growth, innovative and high added value business."

http://www.imi.co.uk/media/pressreleases/2001/20010601.asp