FARO Technologies Inc. is a company specialised in the production of portable measurement solutions. The company was founded in 1981 and has been NASDAQ listed since 1989. FARO develops and sells CAM systems (Computer Aided Manufacturing Measurement).
FARO was founded in 1982 by Simon Raab and Greg Fraser who met while completing their PhD work at Mc Gill University in Montreal, Canada. After two years of development FARO launched three medical/surgical products based on its articulated arm measurement technology in 1984, 1986 and 1988 respectively. The company moved from Montreal to Lake Mary, Florida in 1990 and shortly after that the Company was asked to develop a larger, more robust version of its technology for use as a portable quality control tool for manufacturers. By 1994 FARO had completely transitioned from the medical markets to the much larger worldwide industrial manufacturing market. On the basis of strong sales and profit growth and the large underserved market, FARO went public in 1997 and its shares began trading on the NASDAQ exchange under the symbol FARO. Faro acquired three companies in 1998, 2002 and 2005 to broaden its worldwide distribution and to expand its product lines into laser based inspection technology.
Company structure Edit
The company headquarters are in Lake Mary, Florida. The European and Asian markets are covered by two additional headquarters in Stuttgart and Singapore. Additional FARO offices are situated at different locations in Asia, America and Europe. FARO has more than 750 employees worldwide. FARO Technologies is ISO 9001 certified and ISO-17025 laboratory registered.
With more than 16,000 installations and 7,600 customers worldwide, FARO belongs to the global market leaders in the field of portable computer aided measurement devices. Other suppliers in this market include Leica Geosystems and APISensors (trackers), Cimcore, Romer and Zettmess (measuring arms).
Among other products, FARO manufactures mobile 3D measurement technology, which has become a standard in industrial production in the past decades. Compared with conventional measurement technologies (plane table, slide gauge, meters, gauges, etc.), it has numerous advantages. Mobile 3D measuring technology allows for a measurement of building components and systems directly in production or the production process. Thus, production errors (inaccuracies, deviations from standards) can be detected much faster than with common quality assurance, since the measurement can be made directly on the component without having to transport it to a measuring room where the measurement would be carried out with traditional 3D coordinate measuring machines. FARO supplies the market for portable measurement technology with various products, such as the FARO Gage, the FaroArm, the FARO ScanArm, the FARO Laser Tracker and the Laser Scanner LS. Furthermore, the company offers computer-aided design-based measurement and reporting software within the CAM2 software family. FARO sells its products to companies from various sectors, such as the aerospace industry, the automotive industry or civil engineering. FARO’s customers include Airbus, Boeing, DaimlerChrysler, Ford, Siemens and General Electric.