Mergers and acquisitions: STI, Omron subsidiary complete deal
Fremont, CA —The merger of Scientific Technologies Inc. and a subsidiary of Japan-based Omron Corp. is complete. As a result, STI shareholders will receive $10.67 a share in cash, and STI will cease to be a publicly traded company. In the transaction, Omron acquired STI’s Safety Products Group (SPG) business while STI sold its Automation Products Group (APG) business to Automation Products Group Inc. , a new company formed by members of the Lazzara family. (Joseph J. Lazzara was president and CEO of STI.) The total transaction values the equity of the company at approximately $110.8 million.
Expressing satisfaction with the completed merger, Lazzara said, “We believe this transaction provides significant liquidity to our shareholders, while providing exciting new platforms of opportunity for our customers and employees. The company’s safety products group is now part of a larger, global company and will operate under the name of Omron Scientific Technologies Inc.,” Lazzara explained.
Fumio Tateisi, executive vice president of Omron Corp. and president of Omron’s industrial automation business, added that the company looks forward to “being able to offer a wider range of cutting-edge safety products and consultancy services to our industrial-safety customers.” STI’s safety products group will remain in Fremont.
The APG unit will continue to operate out of its Logan, UT, facilities under the private ownership of the Lazzara family.
For prior coverage from Control Engineering on this topic, read: “ Omron enters safety device market with STI acquisition. ”
— Control Engineering Daily News Desk
Jeanine Katzel , senior editor