Thermo Electron buys CRS Robotics

Burlington, Ontario - CRS Robotics Corp. announced Mar. 11 that Thermo Electron Corp. (Waltham, Mass.) plans to buy all its issued and outstanding shares for $5.75 each for a total cash transaction of approximately $67 million, which will be funded from Thermo Electron's existing cash holdings.

03/11/2002


Burlington, Ontario - CRS Robotics Corp. announced Mar. 11 that Thermo Electron Corp. (Waltham, Mass.) plans to buy all its issued and outstanding shares for $5.75 each for a total cash transaction of approximately $67 million, which will be funded from Thermo Electron's existing cash holdings.

'This is truly an outstanding opportunity for our company. Thermo is a world-class organization in the life sciences business, and our software and mover technologies fit perfectly within their product portfolio," says Ralph Steedman, CRS' president and ceo. "I am excited about the future and the opportunity to bring to our existing and potential customers a broader product offering. Thermo will provide CRS with the financial resources and sales and marketing reach to become a leader in laboratory automation for drug discovery."

Richard Syron, Thermo's chairman and ceo, adds that, "CRS is truly a key addition to our Life and Laboratory Sciences sector, and is representative of the type of strategic acquisition that Thermo will be making in the future. CRS' innovative automation products complement our existing offerings for the drug discovery market, and will enable us to provide complete integrated solutions to our customers."

Thermo Electron plans to mail tender offer documents outlining all the terms and conditions to shareholders of CRS on or before Mar. 21, 2002. The offer will expire 36 days thereafter, unless extended by Thermo. Completion of the transaction is expected in late April 2002.

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@cahners.com





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
Each year, a panel of Control Engineering editors and industry expert judges select the System Integrator of the Year Award winners.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
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.
Learn how to create value with re-use; gain productivity with lean automation and connectivity, and optimize panel design and construction.
Go deep: Automation tackles offshore oil challenges; Ethernet advice; Wireless robotics; Product exclusives; Digital edition exclusives
Lost in the gray scale? How to get effective HMIs; Best practices: Integrate old and new wireless systems; Smart software, networks; Service provider certifications
Fixing PID: Part 2: Tweaking controller strategy; Machine safety networks; Salary survey and career advice; Smart I/O architecture; Product exclusives
The Ask Control Engineering blog covers all aspects of automation, including motors, drives, sensors, motion control, machine control, and embedded systems.
Look at the basics of industrial wireless technologies, wireless concepts, wireless standards, and wireless best practices with Daniel E. Capano of Diversified Technical Services Inc.
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
This is a blog from the trenches – written by engineers who are implementing and upgrading control systems every day across every industry.
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.

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

Case Study Database

Case Study Database

Get more exposure for your case study by uploading it to the Control Engineering case study database, where end-users can identify relevant solutions and explore what the experts are doing to effectively implement a variety of technology and productivity related projects.

These case studies provide examples of how knowledgeable solution providers have used technology, processes and people to create effective and successful implementations in real-world situations. Case studies can be completed by filling out a simple online form where you can outline the project title, abstract, and full story in 1500 words or less; upload photos, videos and a logo.

Click here to visit the Case Study Database and upload your case study.