Adept acquires food-packaging equipment supplier InMoTx
Robotics and automation equipment provider Adept Technology has entered into an agreement to acquire privately held InMoTx, a provider of technology for the global food processing market.
Robotics and automation equipment provider Adept Technology (Nasdaq:ADEP; Pleasanton, CA, USA) has entered into an agreement to acquire privately held InMoTx, a provider of technology for the global food processing market. With operations based in Denmark, InMoTx is expected to enhance Adept’s position in the food packaging industry through a portfolio of intellectual property dedicated to inspecting, sorting, grading, and hygienically packaging unwrapped, natural products.
Under the terms of the agreement, Adept will acquire InMotx in a cash and stock transaction valued at up to $4.3 million, which includes $1.5 million in cash, subject to adjustment, 200,000 shares of Adept common stock and earnout provisions based upon the revenues of the acquired business and related products over the three years following the acquisition. InMotx founder and chief technology officer will be granted up to 100,000 shares of Adept common stock contingent on his continued employment with Adept for three years following the acquisition. The acquisition is subject to customary closing conditions and is expected to be completed by mid-January 2011. The transaction is expected to be accretive in Adept’s fiscal 2012 year.
Says John Dulchinos, president and CEO of Adept Technology, "As was the case with Adept’s acquisition of MobileRobots, this transaction furthers Adept’s strategy to more efficiently transport goods, particularly those in regulated industries, throughout a facility by strengthening the company’s ability to automate the handling of products safely and reliably while offering traceability.”
Adept reports that its acquisition of InMoTx complements the introduction of both the Packaging Automation Cell (PAC) and USDA-accepted Quattro in expanding Adept’s automation presence in meat processing (poultry, fish and red meats), which is estimated to represent placement opportunities of over 75,000 processing lines. Upon completion of the acquisition, InMoTx Denmark employees will become part of Adept’s team and will work with Adept’s existing engineering, operations, and service teams in Pleasanton, CA; Dortmund, Germany; and Singapore. InMoTx’s US operations will be consolidated into the Adept Pleasanton headquarters.
SOURCE: Adept Technology
-- Posted by Vision Systems Design