Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
Trimble to Expand Laser Technology Portfolio
with Acquisition of Apache Technologies
SUNNYVALE, Calif., March 21, 2005 -- Trimble (NASDAQ: TRMB) today announced that it has entered into a definitive agreement to acquire privately held Apache Technologies, Inc. of Dayton, Ohio, in an all-cash transaction. Apache designs, manufactures, and distributes professional laser products for construction leveling and alignment applications. Closing of the transaction, anticipated in April, is subject to usual and customary closing conditions. Financial terms were not disclosed.
Trimble expects the Apache acquisition to extend its laser product portfolio for handheld laser detectors and entry-level machine displays and control systems. Apache's products set new standards for performance, accuracy, ruggedness, reliability, and repeatability in their respective markets and price ranges.
"We are pleased to join Trimble," said Bob Conner, president of Apache Technologies, Inc. "The acquisition will help us expand our distribution network while continuing to serve our existing OEM customers. In addition, Trimble and Apache will be able to fully capitalize on the unique advantages offered by laser technology for the construction market."
"Apache is an industry leader in laser detection technologies. The company has successfully built a strong market and technology position and has demonstrated profitable revenue growth," said Bryn Fosburgh, vice president and general manager of Trimble's Engineering and Construction business segment. "We believe that Apache will be an integral contributor to future laser-based construction products."
Apache will operate as a wholly owned subsidiary and will be reported within Trimble's Engineering and Construction business segment.
About Apache Technologies
Apache Technologies designs, manufactures, and distributes construction and agricultural laser products for leveling and alignment. Established in 1991, the company's founders and key employees are industry professionals each having more than 20 years experience with lasers and laser detection.
Headquartered in Dayton, Ohio, Apache distributes products worldwide through more than 200 dealers. Apache not only manufactures these products for its own dealer network, but also manufacturers laser products for leading suppliers in North America and Europe.
For more information about Apache Technologies, visit www.apache-laser.com/home.htm.
About Trimble's Engineering and Construction Business
Trimble, a world leader in GPS, construction lasers, robotic total stations and machine control solutions, is creating a broad range of innovative solutions that changes the way construction work is done. The Engineering and Construction business of Trimble is focusing on the development of technology and solutions in the core areas of surveying, construction and infrastructure. From concept to completion, Trimble's integrated systems streamline jobs and improve productivity.
Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies as well as wireless communications and software to create complete customer solutions. Trimble's worldwide presence and unique capabilities position the Company for growth in emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has more than 2,000 employees in more than 20 countries worldwide.
Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. This press release contains forward-looking statements that include risks and uncertainties concerning the expected financial performance of the Apache Technologies acquisition, as well as Trimble's strategic and operational plans. Actual results may differ from those set forth in this press release due to certain risks and uncertainties, including the ability to achieve market acceptance of product offerings from the acquisition and the risks inherent in acquiring and integrating a company, unanticipated expenditures and changing relationships with customers. Among other things, economic trends and additional competitive issues may have an adverse effect on the success of the proposed acquisition. These and other risks are detailed from time to time in reports filed with the SEC, including Trimble's quarterly reports on Form 10-Q and its annual report on Form 10-K. The consummation of the acquisition is subject to certain closing conditions and may not be consummated on the terms proposed or at all.
Investor Relations Contact: Willa McManmon of Trimble: 408-481-6914
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808