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Intermec completes acquisition of Vocollect “
ntermec, Inc. has successful completed its recently publicised acquisition of Vocollect, Inc., the provider of Voice- centric solutions for mobile workers worldwide. As announced on 18 January, Joseph S. Pajer, Vocollect’s president, will report directly to Patrick J. Byrne, Intermec’s president and chief executive officer. Vocollect will operate as a business unit of Intermec, and will remain located in Pittsburgh, Pennsylvania.
Customer benefits
“This acquisition strengthens Intermec’s position as the leading provider of rugged
mobile business solutions in the warehouse market,” said Byrne. “We are confident that the addition of Vocollect to our solutions portfolio will deliver great value for our customers, who are always looking to improve the accuracy, productivity and safety of warehouse operations and other strategic business systems.”
“The Vocollect team is very proud and excited to join Intermec,” said Pajer. “In the past we have addressed important customer opportunities together, and now that Vocollect is a member of the Intermec family, together we will be able to offer the most integrated and comprehensive warehouse offering of mobile worker technology solutions in the industry.”
Funding
The aggregate all-cash purchase price was US$190 million plus approximately $7 million of adjustments. These costs were funded with $97 million from the company’s recently amended $100 million, three-year, secured revolving credit facility, as well as a net $100 million from the company’s balance sheet. Deal related transaction and transition costs of $8 to $9 million incurred in fiscal year 2011 and any net working capital adjustment are expected to be funded with cash from the company’s operations.
For the first quarter of 2011, but limited to the
We are confident that the
addition of Vocollect to our solutions portfolio will deliver great value for our customers, who are always looking to improve the accuracy, productivity and safety of warehouse operations and other strategic business systems.” – Patrick J. Byrne, Intermec.
approximately four weeks following closing of the acquisition, the company expects that Vocollect will add approximately $10 million to consolidated Intermec revenue, and that income before taxes attributable to Vocollect operations will be approximately breakeven, including the impact of approximately $1 million of amortisation. Transaction-related costs are expected to be $6 to $6.5 million in the first quarter.
The acquisition is expected to be accretive to Intermec’s GAAP earnings per share for the fiscal year by the end of 2011.
INTERMEC AT A GLANCE
Intermec Inc. develops and integrates products, services and technologies that identify, track and manage supply chain assets and information. Core technologies include rugged mobile computing and data collection systems, barcode printers, label media, and RFID. The company’s products and services are used by customers in many industries worldwide to improve the productivity, quality and responsiveness of business operations.
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MANUFACTURING &LOGISTICS
IT
March 2011
www.logisticsit.com
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