10 December 1998: US-based Donnelly Corp. and Applied Image Group Inc. said they had reached a definitive agreement for Applied Image to merge with Donnelly“s wholly-owned affiliate, Donnelly Optics …
10 December 1998: US-based Donnelly Corp. and Applied Image Group Inc. said they had reached a definitive agreement for Applied Image to merge with Donnelly“s wholly-owned affiliate, Donnelly Optics Corp. The deal is structured as an equity swap, with Holland, Michigan-based Donnelly holding a minority equity stake in the combined entity. The deal is expected to close early in January. “This is truly an exciting development, because in essence it accomplishes everything we set out to achieve with Donnelly Optics and at the same time frees us to focus more closely on our core automotive businesses,” Dwane Baumgardner, Donnelly chairman and chief executive officer, said in a statement. Bruno Glavich, Applied Image chairman, said, “This is an excellent plastic optics fit for the Applied Image Group and this now completes our single-source supply centre concept so that our customers can come directly to us for all of their imaging needs.” Applied Image, based in Rochester, New York, will now be composed of four operating divisions: imaging, coatings, glass technology and optics. The company makes opto-imaging products for the lighting, auto, optical and photonics industries. Donnelly Optics makes precision injection-moulded plastic optical lenses. Donnelly Corp. is an automotive supplier, making parts and systems in mirrors, windows, door handles and interior trim and lighting. It employs about 5,500 people in 14 countries.