FARO® Completes Two Divestitures, Increasing Focus on Target Markets

LAKE MARY, Fla., June 11, 2020 — (PRNewswire) — FARO Technologies, Inc. (NASDAQ: FARO), the global leader for 3D measurement, imaging and realization solutions for 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics, today announced the divestiture of two recent business lines.

On June 10, FARO divested its Italy-based dental business to Open Tech 3D Srl. The FARO dental business primarily developed structured light products for the dental industry. While FARO will no longer serve the dental market, the Company will retain an Italian development team who will continue to develop structured light and other technologies for its core target 3D markets. 

On April 30, FARO divested its US-based Photonics business to MECCO. FARO Photonics designed and manufactured high-precision laser scan heads, Ethernet-based vector controllers, and advanced processing software to provide an integrated steering solution for a range of advanced laser applications.

"As we announced in February, FARO has embarked on a new strategic plan that includes increased focus on our targeted 3D markets," said Michael Burger, President & CEO. "I'm pleased to have completed these divestitures to partners who will continue to provide leading technology to our customers in these adjacent markets. These divestitures allow us to align our resources on providing 3D solutions to the Metrology, AEC and Public Safety Analytics markets."

While financial terms of the divestitures were not disclosed, the two product lines contributed approximately 2% of FARO's revenue in 2019. 

For more information about FARO, visit: www.faro.com.

This release contains forward-looking statements. For full disclaimer, visit: https://info.faro.com/forward-looking-statement/ 

 

Cision View original content to download multimedia: http://www.prnewswire.com/news-releases/faro-completes-two-divestitures-increasing-focus-on-target-markets-301074711.html

SOURCE FARO





Review Article Be the first to review this article
Featured Video
Latest Blog Posts
Alex Carrick, Chief Economist at ConstructConnectThe AEC Lens
by Alex Carrick, Chief Economist at ConstructConnect
Total U.S. Put-in-place Construction to be -4.5% in 2020 versus 2019
Sanjay GangalNemetschek Group
by Sanjay Gangal
How BIM is Changing Bridge Engineering
Jobs
Geographical Information Systems Analyst for Saalex Solutions at Fallon, Nevada
Applications Programmer Analyst I for Southern Nevada Health District at Las Vegas, Nevada
Applications Programmer Analyst II for Southern Nevada Health District at Las Vegas, Nevada
Upcoming Events
AEC Next Technology Expo + Conference (NEW DATE), at McCormick Place Chicago IL - Jul 27 - 29, 2020
ICBEST 2020 at The Westin Bayshore Vancouver Canada - Aug 31 - 2, 2020
Urban Regeneration and Sustainability 2nd Edition conference at University of East London, London, UK University Way London E16 2RD London United Kingdom - Sep 8 - 10, 2020
Digital Construction Week 2020 at Excel London United Kingdom - Oct 21 - 22, 2020
Context Capture
CADalog.com - Countless CAD add-ons, plug-ins and more.



© 2020 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise