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Cognex Corporation (Cognex) designs, develops, manufactures and markets machine vision systems, or computers that can see, which are used to automate a range of manufacturing processes where vision is required. The Company has two operating divisions: the Modular Vision Systems Division (MVSD) and the Surface Inspection Systems Division (SISD). MVSD designs, develops, manufactures and markets modular vision systems that are used to automate the manufacture of discrete items, such as semiconductor chips, cellular phones and light bulbs, by locating, identifying, inspecting and measuring them during the manufacturing process. SISD designs, develops, manufactures and markets surface inspection vision systems that are used to inspect the surfaces of materials processed in a continuous fashion, such as metals, paper, non-wovens, plastics, and glass.(Source: 10-K)