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Daktronics
has entered into an agreement to purchase OPEN Out-of-Home
Solutions (OPEN), a Belgium company. OPEN is a European industry leader in
providing light boxes and scrollers, advertising signs and billboard
advertising displays to third party advertising (TPA) companies. OPEN has been
in business over 20 years, and it is privately owned.
Daktronics 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. With the
addition of this combined digital product and OPEN's product line to
Daktronics' existing display systems offerings, Daktronics positions itself in
the European marketplace with a complete product line for TPA companies.
Under 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 TPA 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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