FARO Completes Two Divestitures Increasing Focus on Target Markets
FARO has 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. Faro acquired the dental scanning company, Open Technologies, in July 2018. Open Technologies offers a portfolio of compact, 3D structured light scanning solutions that specifically enabled dentist, dental technicians and orthopedics to leverage the 3D world for the creation of crowns, implants and prosthesis.
In addition FARO has 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: www.faro.com
