Syntax-Brillian Announces Agreement to Acquire Vivitar
TEMPE, Ariz.--(BUSINESS WIRE)--Oct. 30, 2006--Syntax-Brillian Corporation (Nasdaq:BRLC), a manufacturer and marketer of LCD and LCoS(TM) HDTVs and digital entertainment products, today announced that it has agreed to acquire Vivitar Corporation, an Oxnard, Calif.-based leader in the design, development and marketing of photographic, optical, electronic and digital imaging products, for $26 million in stock.
The acquisition will give Syntax-Brillian full ownership over all Vivitar assets and creates for the TV maker an entree into digital photography and Vivitar's established global retail and distribution channels. This union will capitalize on key synergies between Syntax-Brillian's leadership in LCD and digital imaging technology and Vivitar's legacy of technological innovation in photography and optics. Vivitar will be operated as a wholly owned subsidiary of Syntax-Brillian.
By consolidating shared resources, contract manufacturing relationships, marketing and engineering expertise and distribution channels, the acquisition of Vivitar is expected to produce significant economic and logistical advantages for Syntax-Brillian.
Vivitar is a leading manufacturer and marketer of photography equipment and optics, including a range of high-quality, affordable digital cameras, film cameras, lenses, flashes and tripods, sports optics, and digital imaging products. Vivitar has a diverse portfolio of intellectual property assets and patents and maintains a variety of international distribution channels in the United States, France, the United Kingdom and Hong Kong.
In the United States, Vivitar sells its products through mass merchandisers, including Wal-Mart, Comp USA, Office Depot and Radio Shack. In Europe, Vivitar products can be found at major retailers, including Tesco, Woolworth's, E.LECLERC (France), Saturn (Germany) and others. Vivitar products are also sold through photo specialty stores, film labs, consumer electronics stores and catalogs. Total revenue for Vivitar in calendar 2005 year was approximately $120 million.
Syntax-Brillian expects to leverage Vivitar's existing distribution channels to create new outlets, notably in Europe, for its LCD televisions, as well as any new Olevia or co-branded digital entertainment products that the company may develop.
"Vivitar has long been recognized for its technological innovation in photography, optics and digital imaging," said Syntax-Brillian CEO Vincent Sollitto. "Theirs is a legacy that we're proud to inherit and eager to build on, as we combine our common expertise and the successful Vivitar and Olevia brands to create new business opportunities and digital entertainment products that will dazzle consumers across the world with their brilliant images."
"Since it was founded in 1938, Vivitar has grown to become an internationally recognized name for quality and innovation in photographic, optical and digital imaging products and design," said Bo Liu, CEO of Vivitar. "We're proud to add our experience, expertise and portfolio of technological innovation to Syntax-Brillian's cutting-edge achievements in LCD and LCoS(TM) TV technology and near to eye devices to create a powerful combination of two U.S.-based entities with international brand identities and distribution networks dedicated to continued excellence in imaging and digital entertainment."