Template for HA Research Notes - ISRA VISION AG

ISRA Vision
ISRA Vision France in Lyon, the company has an almost balanced global
revenue breakdown.
Regional sales 2010
NAFTA
15%
Rest of Europe
24%
Source: Company data, Hauck & Aufhäuser
Asia Pacific,
ROW
38%
Germany
23%
Today, ISRA is represented by more than 20 sites in 13 countries worldwide.
Recently the site in Tianjin, China was added while a site in Moscow, Russia is
in preparation. A various number of international joint ventures, acquisitions
and long-term contractual agreements with leading partners is located
strategically close to important customer production facilities.
ISRA Vision: Corporate presences
Source: Company data; Hauck & Aufhäuser
Competitors
Competition is characterised by a large number of smaller suppliers and a few
larger, globally active suppliers of machine vision components and solutions.
Cognex Corp., USA; Foundation in 1981; Market cap €975.1m;
Employees 824
Cognex provides machine vision products that capture and analyse visual
information to automate tasks, primarily in manufacturing processes. Surface
inspection accounts for 15% of 2010 sales. The products include complete
vision systems as well as components. It operates in two divisions: Modular
Vision Systems and Surface Inspection Systems. The first division markets
modular vision systems that are used to automate the manufacture of discrete
items by locating, identifying, inspecting, and measuring them during the
manufacturing process. The Surface Inspection Systems division develops
and provides surface inspection vision systems to inspect the surfaces of
materials processed, such as metals, paper, nonwovens, plastics, and glass.
23 Hauck & Aufhäuser Institutional Research