Acquisitions are always interesting news. They always signify something about the industry. Sometimes it’s consolidation in a mature industry. Sometimes it’s larger companies growing, adding technology, or adding talent.
In today’s news, there is some of each.Remember when the robot and vision markets were thriving—especially the small SCARA robots? Those days are long over. The price of vision systems plummeted. Just look at the capabilities of the camera and software in your smart phone.
The first announcement is that Omron is acquiring Adept Technology. The second is Emerson Process Management adding some interesting technology to its portfolio.
The only thing surprising to me is the acquirer, not the fact that Adept is being acquired. Those cards have been played a long time ago. Omron Corporation and Adept Technology, Inc. announced that the two companies have entered into an agreement whereby Omron will acquire Adept.
Omron plans to acquire 100% of the outstanding shares of Adept common stock through an all cash tender offer followed by a second-step merger. It will offer Adept investors $13.00 per share of Adept common stock, which represents a 63% premium over the closing price for Adept’s common stock on September 15, 2015. This values Adept at approximately $200 million. It will fund the tender offer through cash on hand.
The tender offer is expected to commence on or about September 23, 2015, and the transaction is expected to close on or about October 23, 2015. The closing of the transaction is subject to customary closing conditions, including at least a majority of shares of Adept common stock being tendered in the offer, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of required foreign antitrust approvals. The transaction has been unanimously approved by the Boards of Directors of both companies.
Commenting on the acquisition, Yutaka Miyanaga, Omron Industrial Automation Business Company President, said, “We are delighted Adept Technology, a world leader in robotics, has agreed to join Omron. This acquisition is part of our strategy to enhance our automation technology and position us for long term growth. Robotics will elevate our offering of advanced automation.”
Rob Cain, President and Chief Executive Officer of Adept, added, “We are excited about the opportunity to join Omron, a global leader in automation. Together, our products will offer new innovative solutions to customers all around the globe.”
Following the transaction, Rob Cain will continue to lead Adept and will report to Nigel Blakeway, Chairman, Chief Executive Officer and President of Omron Management Center of America, Inc., Omron’s wholly owned United States subsidiary.
Emerson announced it has acquired Spectrex, Inc., a leading manufacturer of flame and open path gas detectors. With this addition, Emerson Process Management will have the most comprehensive line of flame, gas, and ultrasonic leak detector solutions used for safety monitoring in the industry.
Spectrex will join the Rosemount portfolio of measurement and analytical technologies. Terms of the acquisition were not disclosed.
For nearly 34 years, Spectrex has been the leader in flame and open path gas detection. It developed the world’s first ultraviolet-infrared (UV/IR) and triple infrared (IR3) flame detectors and was first to introduce xenon flash lamps in open path detector design, increasing detectors’ resilience to atmospheric conditions while reducing power consumption. These innovative advancements in safety monitoring provide a powerful solution for customers in the oil and gas, petrochemical, chemical and power industries.
“We are very excited about adding the Spectrex product line to our flame and gas detection portfolio,” said Tom Moser, group vice president of Emerson Process Management’s measurement and analytical technologies. “Emerson is committed to helping our customers protect their employees, facilities, and the environment, and we are now better positioned to serve that need.”
Spectrex and its staff are located in Cedar Grove, N.J., with sales and technical support offices in Houston, the United Kingdom, and Taiwan.