Leitch Technology has entered into an agreement to acquire Videotek, a test and measurement products company headquartered in Pottstown, PA.
The companies plan to close the transaction in May 2004, and have agreed to a purchase price of approximately $18 million. Leitch will fund this acquisition through its existing cash balances.
Videotek will continue to operate out of its Pennsylvania headquarters. Philip Steyaert, Videotek co-founder, president and CEO will continue to run Videotek within the Leitch organization.
For more information visit www.leitch.com.