Daktronics Inc. (DAKT: Quote) said it has entered into an agreement to purchase OPEN Out-of-Home Solutions or OPEN, a Belgium company.
OPEN is a provider of light boxes and scrollers, advertising signs and billboard advertising displays to third party advertising companies. OPEN has been in business over 20 years, and it is privately owned.
Daktronics said that the company and OPEN have been cooperating to manufacture and deliver digital displays in Europe using OPEN’s proprietary cabinetry system and Daktronics’ designed and manufactured electronics for the past few years.
As per the agreement, Daktronics will acquire a modern 40,000 square foot facility with office and manufacturing space. Having a manufacturing facility in Europe will allow Daktronics to better serve the Europe/ Eurasia third party advertising market with competitive pricing and delivery.
Daktronics will be working with OPEN over the next few months to complete the acquisition and integrate OPEN into Daktronics. The closing is expected to occur in May 2013, at which point OPEN will operate as part of Daktronics. Under the agreement, Daktronics will acquire all of the stock of OPEN. Terms of the agreement are confidential.
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by RTT Staff Writer
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