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Trimble to Sell Air Transport Systems Business to Honeywell
SUNNYVALE, Calif., Jan. 5, 2001 - Trimble (NASDAQ: TRMB) today announced that it has agreed to sell its Air Transport Systems business to Honeywell (NYSE:HON). Closing of the transaction is expected during the first quarter of 2001 and is subject to usual approvals and other conditions. Financial terms of the agreement were not disclosed.
Under the agreement, Honeywell will purchase Trimble's Air Transport Systems' product lines which include the HT 1000, HT 9000, HT 9100 and Trimble's TNL 8100. As part of a strategic alliance that began in 1995, Trimble and Honeywell jointly developed, manufactured, marketed, and sold the HT product line. These products are installed in many commercial aircraft and major airlines around the world for Global Positioning System (GPS)-based navigation.
"The sale of our Air Transport Systems business is another step in our strategy to sharpen our focus on those markets that provide us the opportunity for market leadership, growth and strong profitability," commented Steven W. Berglund, president and chief executive officer of Trimble. "Trimble has been working with Honeywell for over five years under a strategic alliance. We are fortunate to be able to sell this business to a long-term partner and leader in the space and aviation industry."
In addition, Trimble also announced that the company intends to discontinue its operations in Austin, Texas. The facility, which employs less than 65 people, is scheduled to close in August of 2001.
This release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Other potential risks and uncertainties that could cause actual results to differ materially are included in the SEC filings, including Form 10-K and Form 10-Q for Trimble.
Honeywell is a $25-billion diversified technology and manufacturing leader, serving customers worldwide with avionic products and services; control technologies for buildings, homes and industry; automotive products; power generation systems; specialty chemicals; fibers; plastics; and electronic and advanced materials. Honeywell employs approximately 120,000 people in 95 countries.
Founded in 1978, Trimble is a recognized worldwide leader in the development of innovative Global Positioning System (GPS) technology-based products for a wide range of applications. Today, these advanced solutions combine GPS with wireless communications and sophisticated software to meet demanding applications in markets ranging from agriculture and construction to asset management, automotive and timing. Headquartered in Sunnyvale, Calif., Trimble provides end-users and OEMs with leading edge solutions backed by global leadership in innovation, exceptional experience and in depth applications knowledge as well as a reputation for excellence.
With its acquisition of Spectra Precision, a leading provider of construction lasers, machine control systems, optical surveying instruments and related software, Trimble now broadens its portfolio of positioning solutions for the engineering and construction, and agriculture markets.
Trimble employs more than 2,200 employees worldwide, working in more than 20 countries.
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808