ANTARES VISION STRENGTHENS ITS POSITION IN GERMANY AND SUPPORTS THE TRANSITION TO INTERNATIONAL ACCOUNTING STANDARDS
The company strengthens its own presence on the German market and continues its internationalization
Friedberg (Germany), 17.02.2020 – The Board of Directors of Antares Vision S.p.A. today approved the opening of a new subsidiary in Germany. The Italian company continues to pursue its objectives with the aim of internationalization. This decision has been taken as Germany is for Antares Vision the third largest market in Europe in terms of sales volume. Only the market in Russia, which is in second place, and the Italian sales area are positioned ahead of it.
In fact, the sales volume of Antares Vision in Germany last year amounted to approximately 9% of the worldwide turnover, showing a great potential for development and growth. Therefore, the opening of a new office is a trivial and essential step to meet the growth needs and to develop the market potential. The Italian company has already had a subsidiary in Germany for many years, Imago Technologies, a leading manufacturer of vision sensors and smart camera systems.
As part of the ongoing internationalisation process, the Board of Directors has also approved the transition to International Financial Reporting Standards (IFRS) at a consolidated level.Moreover,the Company notes that the consolidated financial statements of Antares Vision as of December 31, 2019 will be prepared in accordance with International Accounting Standards (IAS/IFRS) instead of Italian Accounting Standards (OIC).
This move allows the company to present to potential and current stakeholders an annual financial statement that meets internationally recognized criteria.
The transition to international accounting standards ensures compliance with international standards and, consequently, best practices in disclosure and transparency. Therefore, this may also be an important step towards applying for admission to the electronic stock market in the future.
ABOUT ANTARES VISION
Antares Vision offers the most comprehensive and flexible solution in the world in Visual Inspection Systems, Track & Trace and Smart Data Management, taking care of the process of protecting products during their life cycle and developing hardware and software solutions for the most demanding industrial sectors, from pharmaceutical to medical devices, from cosmetics to food & beverage. Antares Vision is present in the world in over 60 Countries (with a workforce of over 580 units) and can count on 4 Italian branches (Brescia, Parma, Latina and Piacenza), 9 foreign branches (Germany, France (2), USA (2), Brazil, South Korea, India, Russia), as well as a Research Center dedicated to Innovation in Ireland (Galway). With 20 years of experience in vision technologies, Antares Vision is supplier of 10 of the 20 leading pharmaceutical Companies in the world with more than 25.000 vision systems, that ensure every day product safety and quality, 6.500 inspection checks on production lines and more than 2.500 serialization lines installed all over the world to guarantee the tracking of more than 5 billion products across the whole supply chain. To support and accelerate the strategic growth path undertaken since its foundation until today, Antares Vision has decided to proceed with a business combination operation with ALP.I, SPAC promoted by Mediobanca, which in April 2019 led the multinational to the listing on the Italian Stock Exchange in the AIM Italia, the alternative market segment dedicated to dynamic and competitive SMEs. At the end of September 2019 Antares Vision acquired 100% of FT System, leader of the control and inspection in the beverage sector. In November 2019, an agreement was signed for the 37.5% stake in Orobix, a company specializing in applications with artificial intelligence. In 2019, Emidio Zorzella and Massimo Bonardi have been awarded with the Best Entrepreneur of The Year Award for innovation by Ernst & Young.
For further information:
Antares Vision PR Specialist
Davide Antonioli, email@example.com, T. +39 030 7283500
Antares Vision Press Office – Twister Communications Group
Elisa Lissoni, firstname.lastname@example.org, M. +39 3406486083
Viola Brambilla, email@example.com, T. + 39 02 438114611