Unova sells Cincinnati Lamb Group to Mag Industrial for $60 million
Everett, WA—Unova Inc. recently sold its Cincinnati Lamb Group to Mag Industrial Automation Systems LLC for approximately $60 million.
The deal is subject to customary closing conditions, and is expected to close during the next 30 days. The $60-million price tag for Cincinnati Lamb’s global operations is subject to closing balance sheet adjustments, and consists of $16 million in cash, $10 million in notes, and the assumption of approximately $34 million relating to certain pension and other post-retirement obligations.
'This is the first of two anticipated transactions that reflects our progress in meeting our stated commitment of divesting our industrial automation businesses,' says Michael Keane, Unova’s CFO. 'This transaction further enhances our ability to invest in our continuing Intermec operations.'
Cincinnati Lamb has been operating as a division of Unova’s Industrial Automation Systems division. Unova reports that it anticipates no interruption in Cincinnati Lamb's business, customer relationships, or strategic direction while the transaction is being completed. Maxcor reports that it’s an operations management and acquisitions organization with emphasis on operational improvement and growth strategies, and that its expertise is in manufacturing, automation, distribution and industrial services.
Unova provides global supply chain solutions, and develops, manufactures, and integrates wired and wireless automated data collection, mobile computing systems, bar code printers, label media, and Intellitag radio frequency identification (RFID) products.
Control Engineering Daily News Desk
Jim Montague, news editor