© mikael damkier dreamstime.com Electronics Production | August 23, 2019
Orbit International buys assets of Q-Vio
Orbit International Corp., an electronics manufacturer and software solution provider, has purchased the assets of Q-Vio LLC, which specializes in enhanced sunlight-readable LCD display modules.
According to an Orbit press release, the acquisition price is structured as an asset sale in which Orbit, through a newly formed subsidiary that will operate under the name Q-Vio Corp., will acquire Q-Vio LLC’s assets and assume certain liabilities. The purchase price will primarily consist of an earn-out to Q-Vio LLC based on the revenue and gross profit benchmarks through December 31, 2022. Under terms of the deal, Q-Vio operations in San Diego will be closed and all manufacturing and administrative functions will be moved to Orbit’s facility in Hauppauge, NY. Q-Vio President Ray Pronko will become VP of Marketing and Sales of Q-Vio Corp. and will operate out of Orbit’s sales office in Bradenton, Florida. In addition, two Q-Vio LLC employees in mechanical engineering and sales application engineering will be retained by Orbit. Q-Vio Corp. will continue its practice of utilizing several manufacturing contractors in China for certain high-volume sales opportunities to preserve its 40% gross margin objectives. Orbit International President and CEO Mitchell Binder said, “We welcome the addition of Q-Vio and incorporating its operation into our Hauppauge facility, which will enable us to take advantage of our excellent operating leverage…we are confident that Ray Pronko will be a great addition to our sales organization and provide new sales opportunities for our OEG as well as our OEG sales team adding new opportunities for Q-Vio, particularly for military applications.” Pronko added, “In addition to the many follow-on opportunities we are expecting, we believe Orbit’s financial strength and its sales organization will enable Q-Vio to extend our reach for many new business opportunities. We believe the demand for our sunlight readable technology will also provide Orbit the ability to increase its revenues beyond the military marketplace.”
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