We anticipate that China will become our largest market within five years. We are excited about launching this joint venture in China with our partner Xintai Electric.
Ann Arbor, Michigan (PRWEB) January 15, 2016
Coherix, Inc., a global leader in three dimensional (3D) machine vision, today announced the formation of a joint venture in China with Dandong Xintai Electric Co., Ltd. The move will combine the two companies’ resources to further expand service in China and other Asian markets, and eventually create a regional manufacturing hub.
“We have worked in China for the past five years, assessing the size of the market for Coherix products,” said Dwight Carlson, CEO and chairman of Coherix, Inc. “We anticipate that China will become our largest market within five years. We are excited about launching this joint venture in China with our partner Xintai Electric.”
Xintai Electric is a new investor to Coherix. Based in Liaoning, the company specializes in the research, development, manufacture and sales of power equipment in China. Initially, the joint venture will focus on marketing the existing Coherix Robust 3D machine vision products to the automotive industry in China and throughout Asia. The product line will include Predator3D™, Tru3D™ and ShaPix3D® systems. Coherix and Xintai Electric intend to expand operations into the semiconductor, precision manufacturing and aerospace markets as well as other industries. In addition, the companies jointly plan to refine the 3D machine vision products to better suit the needs of local markets.
“The manufacturing industry is shifting to 3D machine vision technology for error proofing, which is more robust and reliable than the traditional 2D solutions,” said Dr. Zhenhua Huang, General Manager of the joint venture. “In China, 3D technology is still fairly new and less available, but there’s a growing demand for advanced machine vision technology, and we are excited to bring it to market. It’s an exceptional opportunity for both Coherix and Xintai Electric and will bring a great deal of benefits to manufacturers in Asia.”
Coherix and Xintai Electric signed an agreement to launch a China-based joint venture in September 2015, when Xintai Electric agreed to invest $12 million in Coherix.
About Coherix, Inc.
Coherix, Inc. develops and manufactures high speed, high definition 3D machine vision products used to help customers manage precision manufacturing processes. The company's products are designed for error-proofing in the automotive, semiconductor and electronics industries. Coherix is committed to producing the highest performing 3D machine vision products possible. Coherix customers and partners include global end users, system integrators and distributors. Headquartered in Ann Arbor, Michigan, the company has offices in the United States, China, Germany, Sweden, Singapore and Japan. For more information, please go to http://www.coherix.com.