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ROCHESTER, NY-Eastman Kodak Co. announces the completion of its acquisition of OREX Computed Radiography Inc., a provider of compact, computed radiography systems for nondestructive testing facilities and specialty medical markets.
Under the agreement, Kodak paid $51.3 million in cash. Kodak anticipates that OREX will add approximately $32 million to Kodak's revenue in 2005. Kodak estimates that the acquisition will be earnings neutral in 2005 and accretive thereafter. In 2004, OREX's revenue totaled approximately $28 million. The purchase helps Kodak round out its current computed radiography product line.
Headquartered in Yokneam, Israel, OREX Computed Radiography was founded in 1996 as Digident. With 84 employees worldwide, the company will remain in its principal Israel location as a wholly owned subsidiary of Kodak.