Building on its leadership in full-color microdisplay technology for high-performance applications, Kopin Corporation (NASDAQ: KOPN) today announced that it has acquired all of the outstanding common stock of Scotland-based Forth Dimension Displays Ltd. (FDD), an industry leading provider of all-digital, ultrahigh-resolution, near-to-eye ferroelectric reflective microdisplays.
The purchase price was approximately $11 million in cash plus an earnout provision if certain revenue milestones are reached within one year of the purchase date.
“Our acquisition of FDD opens new market opportunities for Kopin and expands our product offerings to our customers,” said Kopin President and Chief Executive Officer Dr. John C.C. Fan. “FDD’s ultrahigh-resolution reflective microdisplay is already used extensively within a variety of applications such as high-performance cinematography, training and simulation, 3D metrology and medical imaging. Its proprietary Time Domain Imaging (TDI™) technology provides beautiful high-resolution, full-color images that are critical for these high-end applications. Kopin is the leading transmissive microdisplay company in the world, and with this acquisition we will be the only microdisplay manufacturer that can offer complete system solutions with either reflective or transmissive liquid crystal display technologies,” Dr. Fan continued. “We are delighted to welcome the company’s employees to the Kopin family.”
Greg Truman, Chief Executive Officer of FDD, said, “FDD has enjoyed a very successful 2010 with design wins with several high-performance cinematography camera manufacturers. FDD is delighted to become part of Kopin, and we look forward to contributing our technology expertise to new product applications and markets.”
FDD had approximately $6 million of revenue in 2010 and Kopin projects that FDD will be accretive to 2011 earnings. All of FDD’s key employees have agreed to join Kopin.