17 Sep 2015
Japanese industrial giant buying US robotic and vision firm to “strengthen its automation offering”.Omron, a global player in the field of automation, including automated optical inspection, based on its core sensing and control technology, and Adept Technology, a developer of intelligent robots and associated services, have reached agreement that Omron is to acquire Adept.
Omron is planning to acquire 100% of the outstanding shares of Adept common stock through an all-cash tender offer followed by a second-step merger. Omron is to offer Adept investors $13 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. Omron 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 to close around October 22, 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 and receipt of required foreign antitrust approvals. The transaction has been unanimously approved by both companies’ boards.
Yutaka Miyanaga, Omron’s 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 CEO 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, Cain will continue to lead Adept and will report to Nigel Blakeway, Chairman, Chief Executive Officer and President of Omron Management Center of America, Omron’s wholly-owned US subsidiary.
Rise of the robots
Founded in 1983, robot maker Adept recorded annual sales of $54.2 million and gross margin of 42% in the fiscal year ended June 30, 2015. Adept’s intelligent automation product lines include autonomous mobile robots, industrial robots, configurable linear modules, machine controllers for robot mechanisms and other flexible automation equipment, as well as machine vision systems.
Omron further explained the acquisition, saying it “is a part of the acceleration of Omron’s “ILO+S” (Input, Logic, Output and Safety) strategy for its Industrial Automation Business, which provides automation solutions for the manufacturing industries. We have the most comprehensive automation product portfolio in the world across the spectrum of ILO+S for automation systems.”
About the Author
Matthew Peach is a contributing editor to optics.org.