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Leitch Technology to acquire Videotek

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.

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