Hauppauge-based Orbit International, an electronics manufacturer and software designer, has bought the assets of a company that makes LCDs and plans to move it to Long Island.
Orbit said it acquired the assets of Q-Vio, a maker of LCD display modules that has more than $2 million in annual sales, through a newly formed subsidiary known as Q-Vio Corp.
Orbit plans to move the main offices and manufacturing of Q-Vio, which specializes in LCDs that can be easily read in sunlight, from San Diego to Hauppauge. The company sells to the military, industrial, marine and broadcast marketplaces.
“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,” Orbit International CEO Mitchell Binder said in a written statement. “Consequently, this acquisition should be accretive to our company’s earnings.”
Rather than buying the company outright, Orbit said the price will consist “almost entirely of an earn-out” based on revenue and gross profit benchmarks through Dec. 31, 2022.
Q-Vio Corp., which will become part of the Orbit Electronics Group, has s more than $900,000 backlog of orders
Q-Vio President Ray Pronko, Q-Vio will become vice president of marketing and sales of Q-Vio Corp. and will operate out of Orbit International’s sales office in Bradenton, Florida.
The company also will continue working with manufacturing contractors in China for certain high-volume orders.