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Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
1.408.481.8000 phone
1.408.481.7781 fax

  NEWS RELEASE

 

Trimble Acquires Tru Count Assets to Expand its Precision Agriculture Solutions

SUNNYVALE, Calif., Oct. 31, 2008 — Trimble (NASDAQ: TRMB) announced today it has acquired the assets of privately-held Tru Count, Inc., of Ames, Iowa in an all cash transaction. Tru Count is a leading manufacturer of air and electric clutches that automate individual planter row shut-off. Financial terms were not disclosed.

Tru Count manufactures and distributes air and electric clutches that work on a variety of planters, regardless of make or model. The low-cost Tru Count Air Clutch is placed on each planter row and is controlled with compressed air—pneumatically from the tractor cab by a Global Positioning System (GPS) system or manual controller. The technology makes it easier for farmers to avoid over planting seed and can save considerable input costs, especially in today's market.

Tru Count clutches are compatible with Trimble's GPS guidance technology, which is a key enabler for their equipment. The combined technology will allow farmers to select the best solution available for use with the different vehicles and equipment on their farm. Tru Count is an industry leader with award-winning, successful technology and was recently recognized by Farm Industry News with a 2007 FinOvation Award for best reader interest in a new product.

"With the asset acquisition of Tru Count, we have an opportunity to partner with an industry leader in a technology that presents an exciting growth opportunity for us," said Erik Arvesen, general manager, Agriculture Division of Trimble. "We are well-positioned to support the flow control and application market and Tru Count offers affordable, industry-leading solutions that work with virtually any planter. Most importantly, the interoperability of their products supports Trimble's strategy to provide universal brand compatibility while offering an affordable, total solution for farmers to manage input costs and save money."

"I am excited about the opportunity to take our business to the next level and Trimble is the right partner to take us there," said Jeff Dillman, president of Tru Count. "The customer demand for air clutch technology continues to grow and we are excited to unite with Trimble to expand our reach outside of North America. Trimble is the best in the business at what they do and GPS is a key enabler for Tru Count technology. We believe this is the perfect match to provide a total solution for farmers."

The Tru Count business will be part of Trimble's Agriculture Division.

About Tru Count, Inc.

Founded in 1982, Tru Count began with a simple mechanical acre counter, and then in 1988, developed electric clutch technology. Tru Count has 30 employees and the company's products are available through more than 600 dealers nationwide.

For more information, visit:  http://www.trucount.com

About Trimble

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has a worldwide presence with more than 3,800 employees in over 18 countries.

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. These statements involve risks and uncertainties, and actual events and results may differ materially from those described in this news release. Factors that could cause or contribute to such differences include, but are not limited to, whether customer demand for air clutch technology will continue to grow, especially given the distressed and uncertain worldwide economic environment; Trimble's ability to grow the Tru Count business and offer compelling, universally compatible precision agriculture solutions to the flow control and application market; user adoption of and continued satisfaction with Tru Count solutions; competition and pricing pressures from other providers; and the ability to expand the reach of the Tru Count business outside of North America by leveraging Trimble's distribution channels. Additional risks and uncertainties include: the risks inherent in integrating an acquisition; unanticipated expenditures, charges or assumed liabilities that may result from the acquisition; retaining key personnel; and the impact of the current global credit crisis and recessionary conditions in the U.S.; and internationally. More information about potential factors which could affect Trimble's business and financial results is set forth in reports filed with the SEC, including Trimble's quarterly reports on Form 10-Q and its annual report on Form 10-K. All forward looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.

Investor Relations Contact:   Willa McManmon of Trimble: 408-481-7838
Media Contact:   
LeaAnn McNabb of Trimble: 408-481-7808




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