BOLOGNA, Italy – Datalogic S.p.A., which offers innovative solutions for a comprehensive range of applications in the manufacturing, transportation & logistics and retail industries, announced that it has entered into an agreement with certain subsidiaries of Danaher Corporation to acquire Accu-Sort Systems Inc. (and certain of its affiliates), a leading supplier of Automatic Identification (Auto-ID) products in the United States.
Mauro Sacchetto, CEO of Datalogic, stated: "This transaction doubles Datalogic Group's presence in the Industrial Automation industry by positioning it in the high-end segment and by broadening the company’s competitive position in a highly fragmented market with great growth potential. Accu-Sort is complementary to the existing business of Datalogic and is a leading supplier with a widely recognized brand and long-term relationships with preeminent customers. Accu-Sort is financially sound, with an EBITDA margin that exceeds 19%, and highly focused on researching solutions and developing additional value for its customers. This acquisition, which perfectly fits our corporate strategy, complements and confirms Datalogic's solid foundations and strong growth potential despite a very challenging economic environment.”
Founded in 1971 and based in Telford, Pennsylvania, Accu-Sort is a leader in the United States in the design, production, integration and maintenance of Automatic Identification (Auto-ID) systems, with revenues of approximately USD 92 million in 2010.
Accu-Sort generated revenues of approximately USD 51.4 million in the first half of 2011, with an EBITDA of approximately USD 11.3 million (and an EBITDA margin of 22.0%). During 2010, Accu-Sort recorded revenues of approximately USD 92.3 million, with an EBITDA of approximately USD 17.8 million (and an EBITDA margin of 19.3%).
The agreed purchase price of USD 135 million (on a cash-free debt-free basis) includes estimated tax benefits for Datalogic resulting from an election to be made by the parties under section 338(h)(10) of the U.S. Internal Revenue Code to treat the stock purchase as an asset purchase for U.S. federal income tax purposes.