Optelecom changes name, finishes acquisition
Optelecom, Inc. (Germantown, MD; www.optelecom.com), a maker of video surveillance equipment, has changed its corporate name to...
Optelecom, Inc. (Germantown, MD; www.optelecom.com), a maker of video surveillance equipment, has changed its corporate name to Optelecom-NKF, bringing to a close its steps to acquire NKF Electronics-a division of Draka Holding N.V.
Draka focuses on two product groups, including communication cable under the name Draka Comteq, and low-voltage and special-purpose cables under the name Draka Cableteq.
Optelecom made the name change announcement in April. Optelecom-NKF now manufactures integrated multimedia products for communicating video, audio, and other data over both copper and optical network systems.
Last February, Optelecom said it signed a letter of intent to acquire NKF Electronics B.V. (The Netherlands, www.nkfelectronics.com), a maker of digital network equipment for security surveillance and a wholly owned subsidiary of Draka Holding N.V. The transaction was valued at $26 million.
Optelecom said the purchase of NKF Electronics will double its operations and revenue, and establish the company’s position as a worldwide independent producer of optical fiber based communications solutions for video surveillance, traffic monitoring and business video systems.
Optelecom President Edmund Ludwig said the integration of companies will result in expanded and diversified revenue streams, enhanced research and development capabilities, and more extensive sales and service organizations.
“We plan to bring together the unique operating strengths and synergies of the individual companies and apply them to both the global and local business markets, while addressing future market needs such as system solutions for security and surveillance video over Internet protocol,” says Ludwig.
In March, Optelecom closed the acquisition at a price of $26.4 million, a move that created a company employing more than 150 worldwide.
Optelecom and NKF Electronics will remain brands. “We combined two strong product lines and two sales units with little geographic overlap when we acquired NKF Electronics B.V.,” says Ludwig. “Our new name underscores our global market reach and reflects our commitment to support and enhance both well-known brands with superior customer service and a new product stream built from superior technology.”