Democrat & Chronicle: Brighton's Videk eyes big future -
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Published on: 11/17/2003
Last Visited: 11/17/2003
Profits also will grow, said Tom Slechta, Videk's president.
"We know we have an opportunity, that never existed before, for Videk to be a leader in this field," Slechta said.
Videk emerged as a Kodak subsidiary in 1985.The first visual inspection systems were produced a year later.In 1991, Performance Technologies bought the company.Danfoss, a large company based in Denmark, bought Videk in 1995 but gave way to a management buyout in 1999.
Videk never made a profit under Kodak or any other owners, Slechta said.But the company did produce profits in its first two years under the new owners.
"The company was engineer-driven.It wasn't really learning the problems of its customers and solving them," Slechta said.
At one time, Videk specialized in systems that inspected manufactured products or goods, checking the quality of grapefruits or the color of potato chips, for example.
"After the buyout, we refocused the company, concentrating on one industry and in developing brand recognition," Slechta said.
That industry is commercial printing, mailing and print finishing.Videk has formed partnerships with about 20 companies around the world, including Hewlett-Packard, IBM, Pitney Bowes, Fujitsu and a Netherlands-based document company called Océ.
"Our strategy was to position the company so our systems were integral to their products," Slechta said.
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Invisible code systems will attract private companies as well as governments, Slechta said.
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We've had a lot of interest," Slechta said."But it's a new product.There will be a big education process for our customers."
Videk is raising funds for its expansion, offering some shares of the company, Slechta said.In 2004, the company expects revenue to increase by as much as 200 percent.
"These are the best times for Videk," Slechta said.