InVision to Acquire YXLON International
InVision Technologies has entered into a definitive agreement to acquire YXLON International Holding GmbH for €38.6 million ($41.6 million) in cash. YXLON manufactures and sells x-ray diffraction systems for explosives detection and x-ray based non-destructive testing (NDT) systems for industrial applications. For its year ended September 30, 2002, YXLON posted revenues of $57.4 million. According to InVision, the acquisition provides it with complementary technology for its computer tomography (CT) explosive detection systems (EDS) as diffraction technology will lower alarm rates and operating costs. In addition, YXLON’s NDT business, particularly its 450 kilovolt components, enables InVision to enter the check point and cargo screening markets. Also YXLON expands InVIsion’s European presence, especially the German aviation market. The transaction also includes a provision that if YXLON’s XES 3000 or 3500 product is certified by the Transportation Security Administration by the end of the year, InVision will pay an additional €10 million. The acquisition is expected to close by the end of March.