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Trimble Completes Spectra Precision Acquisition
SUNNYVALE, Calif., July 18, 2000 --Trimble Navigation Limited (NASDAQ:TRMB) announced today that the Company has completed its acquisition of the Spectra Precision businesses formerly owned by Thermo Electron Corporation (NYSE:TMO).
Spectra Precision, a leading provider of positioning solutions for construction, surveying and agriculture, was acquired for approximately $214 million in cash, financed through a syndicate of banks lead by ABN AMRO Bank, N.V. as the arranger, and $80 million in seller debt. The increase from the previously announced purchase price is a result of adjustments under the terms of the agreement. The acquisition, initially announced on May 11, 2000, will be accounted for as a purchase.
Spectra Precision's product line includes construction lasers, machine control systems, optical survey instruments and software. The acquisition is expected to broaden Trimble's portfolio of positioning technologies for the Architecture, Engineering, Construction (A/E/C) and Agriculture markets.
"Trimble looks forward to combining the valuable talents and technologies Spectra Precision has to offer with our already successful product families," said Steven W. Berglund, Trimble's president and CEO. "The synergy will enable us to provide an even broader range of innovative positioning technologies and better serve our customers in the Company's key growth markets."
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.
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 environments 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 patents, exceptional experience and a reputation for excellence.