Product category:
Manufacturing industry news
News Release from: Cincinnati Machine
Edited by the Manufacturingtalk Editorial
Team on 23 March 2005
Unova sells Cincinnati Lamb to MAG
Unova has announced that it has agreed to sell its Cincinnati Lamb Group to MAG Industrial Automation Systems, an entity established by Maxcor of New York, USA.
Unova has announced that it has agreed to sell its Cincinnati Lamb Group to MAG Industrial Automation Systems, an entity established by Maxcor of New York, NY The transaction is subject to customary closing conditions and is expected to close during the next 30 days
This article was originally published on Manufacturingtalk on 12 Mar 2003 at 8.00am (UK)
Related stories
Spring maker diversifies into CNC machining
The foresight to move into new products and new markets, based on acquisition of machining centres, has ensured the continued growth of a former spring maker.
Customised CNC with wizard screens used in VMCs
A customised CNC is believed the most user-friendly, reliable and highly specified CNC on the market, and is available with a range vertical machining centres.
Under the terms of the agreement, MAG will purchase the global operations of Unova's Cincinnati Lamb Group for approximately $60 million of consideration, subject to closing balance sheet adjustments.
The consideration consists of $16 million in cash, $10 million in notes and the assumption of approximately $34 million relating to certain pension and other post retirement obligations.
"This is the first of two anticipated transactions that reflects our progress in meeting our stated commitment of divesting our Industrial Automation businesses," said Michael Keane, Unova Chief Financial Officer.
"This transaction further enhances our ability to invest in our continuing Intermec operations." The Cincinnati Lamb Group has been operating as a division under Unova's Industrial Automation Systems segment.
Unova anticipates no interruption to the Cincinnati Lamb Group's business, customer relationships or strategic direction while the transaction is being completed.
* About Maxcor - Maxcor is an operations management and acquisitions organization with emphasis on operational improvement and growth strategies.
The company has strong expertise in manufacturing, automation, distribution and industrial services.
Maxcor and its team of experienced professionals have created value by focusing on quality, performance and customer satisfaction while taking a hands-on approach to achieving goals.
For more information, please visit Maxcor's website at www.maxcorinc.com * About Unova - Unova is a leader in global supply chain solutions and in the development, manufacture and integration of wired and wireless automated data collection, mobile computing systems, bar code printers, label media and Intellitag RFID (radio frequency identification).
The company's products and services are used by customers in many industries to improve productivity, quality and responsiveness of business operations, from supply chain management and enterprise resource planning to field sales and service.
• Cincinnati Machine: contact details and other news
• Email this article to a colleague
• Register for the free Manufacturingtalk email newsletter
• Manufacturingtalk Home Page
Search the Pro-Talk network of sites
