ALBUQUERQUE, N.M. 20 September 2006 -- GE Fanuc Embedded Systems, a unit of General Electric Company, announced this week that it 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. This offer reportedly has received unanimous approval from the Radstone Technology PLC board of directors.
This follows the bid of Eurotech in Amaro, Italy a week earlier on Radstone ¿ an offer which was rejected by Radstone's board. A press release on Eurotech's web site stated "The Board of Eurotech has noted earlier this morning" the GE Fanuc announcement and "in light of that announcement the board of Eurotech is considering its position. A further announcement will be made in due course."
Eurotech also owns Parvus Corp., a embedded board supplier in Salt Lake City, Utah.
Pursuant to the GE transaction, Radstone Technology PLC shareholders will receive 410 pence per share payable in cash, for a total consideration of approximately 130.4 million pounds.
The combination of Radstone and GE Fanuc Embedded Systems will create an enterprise with improved capabilities to serve military and aerospace customers, GE Fanuc officials say. 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.
GE Fanuc also recently acquired military embedded suppliers such as Condor Engineering in Santa Barbara, Calif., and SBS Technologies in Albuquerque, N.M.
Radstone is headquartered in Towcester, U.K. and operates facilities in Milton Keynes, U.K., Bracknell, U.K., Ottawa, Ontario, and Billerica, Mass.
"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." says Maryrose Sylvester, president and chief executive officer of GE Fanuc. "Radstone also brings valuable technical capabilities, expertise and industry knowledge."
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.
Under the terms of the agreement, GE Fanuc Embedded Systems will acquire all of the issued and outstanding Common Shares of Radstone Technology PLC. 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.
