Automation, Control & Plant Intelligence News Updates
GE Fanuc Embedded Systems to Acquire Radstone Technology PLC
ALBUQUERQUE, N.M. - September 18, 2006 - GE Fanuc Embedded Systems, a unit of General Electric Company (NYSE: GE), announced today that GE Fanuc Embedded Systems has agreed to acquire Radstone Technology PLC, a designer of rugged embedded computer products that enable prime contractors and original equipment manufacturers to serve the military and aerospace segment. Pursuant to the transaction, Radstone Technology PLC shareholders will receive 410 pence per share payable in cash, for a total consideration of approximately 130.4 million pounds. This offer has received unanimous approval from the Radstone Technology PLC board of directors.
The combination of Radstone and GE Fanuc Embedded Systems will create an enterprise with improved capabilities to serve military and aerospace customers. The companies have complementary product lines and Radstone’s high tech portfolio will add breadth and depth to GE Fanuc Embedded Systems’ extensive line of embedded boards and systems. Radstone is headquartered in Towcester, UK and operates facilities in Milton Keynes, UK, Bracknell, UK, Ottawa, Canada and Billerica, MA, USA.
“Radstone is known as a strategic supplier in the defense industry. Together we will have ability to provide a higher level of service to this segment.” said Maryrose Sylvester, president and CEO of GE Fanuc. “Radstone also brings valuable technical capabilities, expertise and industry knowledge.”
“We are very excited about this acquisition,” Sylvester continued, “since both companies share similar values around quality, service and reliability, innovation and operational excellence.”
Radstone is a supplier of rugged, high-performance COTS (Commercial-Off-The-Shelf) embedded computer products, subsystems and support software for defense and aerospace applications. For over 40 years, Radstone has been making use of the latest advances in microprocessor technology to offer these rugged computer products to defense system integrators throughout the world.
Under the terms of the agreement, GE Fanuc Embedded Systems will acquire all of the issued and outstanding Common Shares of Radstone Technology PLC (London Stock Exchange: RST). The transaction, which is subject to regulatory approvals, the approval of Radstone’s shareholders, and other customary conditions, is anticipated to close in the first quarter of 2007.
About GE Fanuc Embedded Systems
GE Fanuc Embedded Systems is a leading global provider of embedded computing solutions for a wide range of industries and applications. Featuring a comprehensive offering that includes Intel® and PowerPC®-based Single Board Computers, sensor processing, networking products, avionics interfaces, rugged flat panel monitors and complete computer systems, GE Fanuc Embedded Systems can support the full range of embedded computing needs. GE Fanuc Embedded Systems is part of GE Fanuc Automation, a joint venture between GE and FANUC LTD of Japan.
For more information, visit www.gefanucembedded.com or contact:
GE Fanuc Embedded Systems,
7401 Snaproll NE, Albuquerque, NM 87109,
Phone: (800) 875-0600,
Fax: (505) 798-1400,