Military and Strategic Journal
Issued by the Directorate of Morale Guidance at the General Command of the Armed Forces
United Arab Emirates
Founded in August 1971

2024-10-07

Theon-Exosens Pact to Light Up Night Vision Sector

In a move to stay ahead of the looming night vision tech crunch, Theon International and Exosens have inked a crucial supply deal that locks in their collaboration through 2026, with an option to extend to 2027. 
 
The global market for image intensification tubes is edging towards a critical tipping point and this partnership couldn’t be more timely. 
 
As U.S. military buyers gear up for massive night vision upgrades next year, the deal ensures both companies are primed to dominate the high-stakes battlefield of cutting-edge defence tech.
 
Image Intensification Tubes are a critical component of night vision goggles, representing a significant portion of their cost. As the largest buyer of tubes globally, Theon has maintained a leading market share, especially among European tube manufacturers.
 
Streamlining Production Schedules
Unlike the ad-hoc orders of recent years, the agreement enables Theon and Exosens to streamline production and delivery schedules. 
 
For the former, this is crucial, not only to secure supply but also to cut lead times once new orders come in, a key competitive edge in the night vision market.
 
Christian Hadjiminas, founder and CEO of Theon, commented: “Τheon has been taking measures to ensure its long-term ability to deliver to its existing customers as well as to accommodate the expected growth in its revenues in 2025-2026 and higher demand of tubes. An important part of these measures is taken with the signing of a longer-term tube supply agreement with Exosens, who, given Theon’ s main customer base in Europe, will remain our largest tube provider for the years to come. Theon will be taking similar measures with the other tube suppliers, wherever appropriate.”
 
R&D Expansion
Theon continues to invest in research and development, increasing R&D personnel by 50 per cent, implementing over 400 training hours, and introducing new products like the Talos family, its first stabilised multisensory system launched at DSEI London 2023. 
 
The company is advancing technologies in image fusion and augmented reality (AR) systems for its man-portable range, delivering connected optronic solutions to soldiers worldwide.
 
It is also showcasing its Augmented Reality Mission-Enabled (ARMED) Ecosystem in Europe, the United States, and Japan, with orders already received for the Integrated Reconnaissance and Intelligence System (IRIS). Orion fused night vision goggles and THEA heads-up display are next in line. 
 
The company is also competing in its first platform-based multi-sensor systems tender. Known for rapid system customisation, it saw strong client retention and new partnerships in 2023.
 
Theon Secures Stake
In another development, Theon International PLC has acquired a 60 per cent controlling stake in Harder Digital Group, a German-based manufacturer of Image Intensifier Tubes, with a €34 million cash injection. 
 
The move marks Theon’s initial step in securing its supply chain, with plans to establish long-term agreements with key suppliers.
 
The acquisition enables it to vertically integrate a crucial component, enhancing operational security and flexibility, and provides access to niche technologies, boosting in-house research and development.
 
The expansion won’t compete with image intensifier tubes from existing suppliers, ensuring strong partnerships. Theon will maintain and extend cooperation with European and U.S. image intensifier tube manufacturers. 
 
The €34 million acquisition will be allocated primarily to upgrade Harder Digital’s production facilities and boost third-generation image intensifier tube capacity in Germany and Latvia, with the rest for financial restructuring.
 
Capacity Boost
Harder Digital, operating below capacity, aims for €17 million in sales with a 10 per cent earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin in 2024. Sales are expected to triple by 2028, with a mid-twenties EBITDA margin as capacity is restored. 
 
Theon will maintain long-term cooperation with other tube manufacturers and continue buying nearly 50 per cent of Harder Digital’s output, with the rest sold to third parties.
 
Hadjiminas expressed satisfaction with the acquisition, noting it is both financially attractive and a significant step in growth strategy. He highlighted that Theon has a long-standing partnership with Harder Digital and its management, and the acquisition is expected to enhance vertical integration in the core Night Vision segment. He also emphasised that the move will strengthen Theon’s presence in Germany and the Baltic region.
 
Harder Digital was established in 1999, having its HQ in Woltersdorf, Germany and operating subsidiaries in Germany, Serbia and Latvia.

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