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Ardmore and Los Alamos Companies to Merge
Wednesday, March 7, 2007
Ardmore, Oklahoma. IMTEC Corporation, a dental specialty products manufacturer and marketer in Ardmore since 1990, has agreed to merge with HYTEC, Incorporated, a Los Alamos, New Mexico engineering and technology firm, effective February 1. Negotiations have been completed and final legal documents are in the process of being revised and approved that will join the two companies. Under the agreement, IMTEC will be the surviving entity, with HYTEC becoming a subsidiary of the Ardmore based corporation.
HYTEC is a recognized leader in the development and marketing of cutting-edge dental products and highly sophisticated engineering technology. The company developed scanning systems that drive the Invisalign® technology for orthodontists and has also developed state-of-the-art devices for pre and post-flight scanning of NASA’s space shuttle tiles. Its proprietary FlashCT products help drive ILUMA™, the two companies’ revolutionary in-office CT machine that offers fast scan times, high resolutions and clarity for dentists, oral surgeons and imaging centers.
"IMTEC and HYTEC complement each other extremely well," said Tim Thompson, CEO of HYTEC in Los Alamos. "The joint venture stems from our successful, ongoing joint marketing program, including the financing of products in the area of imaging, dental appliances associated with orthodontics and implantology. The synergies of HYTEC’s technology, combined with IMTEC’s manufacturing, sales and marketing resources, create a very strong company. We think that our combined company can be improved to further our goals and objectives, through unification into a single corporate entity."
Dr. Ronald A. Bulard, Chairman of the Board of Directors of IMTEC, applauded the merger. "Our companies will become one on February 1," Dr. Bulard said. "HYTEC will become a wholly owned subsidiary of IMTEC and as a result, there will be more resources to develop our marketing strategies. In addition to continuation of our core businesses, we have some exciting new technologies on the drawing board to develop and implement. I’m personally very excited about this new organization. IMTEC and HYTEC are growing rapidly and we feel that combining them will result in a more effective approach to global marketing. In short, I think the newly merged company will be an asset to both Los Alamos and Ardmore."
Bulard and Thompson both affirmed that there would be no terminations or layoffs of employment as a result of the merger. Thompson noted that there would be some limited changes to the organizational structure of the new entity and relocation of some administrative and overhead functions to Ardmore, while some functions would be moved from Ardmore to Los Alamos. Both executives predicted that when the companies’ large-scale production of FlashCT commences, that would likely occur in Ardmore, while engineering projects and custom development will be tasked in New Mexico.
"We are very enthused by the prospects of this new alliance," Bulard stated. "We predict some impressive successes for the new company."
Wes Stucky, Ardmore Development Authority President, lauded the merger. "The success of the IMTEC Corporation has been a significant component in the economic growth of Ardmore," Stucky said. "The A.D.A. is grateful to have IMTEC’s headquarters in Ardmore, and we work very hard to keep them here. This merger represents a good opportunity for the two companies, and for Ardmore. The A.D.A. will continue to work with IMTEC and their new subsidiary, HYTEC, Incorporated."
IMTEC Corporation, headquartered in Ardmore, manufactures and sells over
600 dental specialty products in every state of the union and eighty-four
foreign countries. HYTEC, headquartered in Los Alamos, is a specialized engineering
technology firm that has designed and integrated critical spacecraft packages
and terrestrial scientific instruments, in addition to high-precision forensics
X-ray examination tools. The company developed proprietary FlashCT® Acquisition
and Image Reconstruction Software that minimizes patient motion and metal
artifacts and reconstructs images across multiple processors. The FlashCT
technology, the driving component of IMTEC & HYTEC’s ILUMA™ CT Scanner,
won the New Mexico company the prestigious R&D National 100 award in
2003.