Hathaway makes bid to buy motion control firm

Denver, Colo. - Hathaway Corp. announced Dec. 19 that it was recently picked as the lead bidder to acquire the Industrial Devices Division (IDC) of Automation Solutions International LLC (ASI, Petaluma, Calif.).

12/27/2001


Denver, Colo. - Hathaway Corp. announced Dec. 19 that it was recently picked as the lead bidder to acquire the Industrial Devices Division (IDC) of Automation Solutions International LLC (ASI, Petaluma, Calif.).

ASI is a debtor-in-possession in a pending Chapter 11 case, and the sale of IDC is being negotiated in accordance with bankruptcy procedures, which will be submitted to a bankruptcy court for approval. Hathaway was selected by ASI, its secured creditor and creditors' committee, as the lead bidder in a process that completed on Dec. 17. Bankruptcy sale procedures call for an auction on Feb. 5, 2002, where other bids will be entertained, if they substantially exceed Hathaway's undisclosed bid. Sale procedures also provide for a break-up fee equal to 5% of Hathaway's bid to be paid to Hathaway if the company isn't the successful bidder. As the lead bidder, Hathaway also retains the right to match any other bid received in the bankruptcy sale process.

IDC was founded in 1975, and offers a range of mechanical and control products for automated positioning applications. IDC's products are used in many applications requiring control of linear position, thrust, speed or position. Examples of applications of its products include controlling the positioning of giant radio telescopes and plant robotic and industrial automation equipment. IDC pioneered the electric cylinder as a simpler, cleaner, more precise, more controllable and generally more cost-effective alternative to hydraulic and pneumatic positioning technology.

During the last four quarters ending Sept. 30, 2001, IDC had revenues of $14.2 million and a loss of $1.4 million. ASI's bankruptcy and the general economic slowdown significantly influenced IDC's financial results.

'If completed, the acquisition of IDC will be complementary to Hathaway's motion control products and markets,' says Dick Smith, Hatyhaway's president and ceo. 'With IDC's products, Hathaway will enhance its ability to offer motion control systems solutions in addition to being able to supply components to OEMs and other suppliers of motion control systems. Once IDC is out from under the influence of bankruptcy and with the strength of its management team, we're optimistic that IDC will quickly return to profitability.'





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Big Data and IIoT value; Monitoring Big Data; Robotics safety standards and programming; Learning about PID
Motor specification guidelines; Understanding multivariable control; Improving a safety instrumented system; 2017 Engineers' Choice Award Winners
Selecting the best controller from several viewpoints; System integrator advice for the IIoT; TSN and real-time Ethernet; Questions to ask when selecting a VFD; Action items for an aging PLC/DCS
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.
Motion control advances and solutions can help with machine control, automated control on assembly lines, integration of robotics and automation, and machine safety.
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Big Data and bigger solutions; Tablet technologies; SCADA developments
SCADA at the junction, Managing risk through maintenance, Moving at the speed of data
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
click me