Barco today reached an agreement with the China Film Equipment Company to fully acquire Cinionic's premium cinema products business.
With this deal, Barco says it confirms and strengthens its commitment to the global cinema industry. As the installed base of lamp-based projectors in the market is aging, all focus is now on the renewal of these projectors with next generation laser projectors.
The integration of Cinionic's business will allow Barco to operate in the cinema market with even greater operational efficiency and agility to adapt effectively to market dynamics and customer needs. Barco will now fully consolidate this business in its financial results.
Following the transaction and from 2024 onwards, Cinionic's current market-leading sales, marketing and service activities will be fully integrated into Barco's cinema business unit, a part of the entertainment division.
This business unit will continue to be led by Gerwin Damberg. Wim Buyens will continue to work with Barco and support a smooth transition of the cinema business.
The strong relationship between Barco and CFEC is maintained. In China, both companies will continue to operate their successful joint venture CFG Barco to serve the Chinese market with industry-leading laser cinema technology and with dedicated sales, marketing and service activities for mainland China. The ownership structure of the CFG Barco joint venture remains unchanged with CFEC and Barco owning 51 percent and 49 percent of the shares respectively.