Why that the busy little beavers were after buying ICS-Triplex, of course.
Rockwell Automation To Acquire ICS Triplex, A Leading Process Control Safety Solutions Provider
MILWAUKEE, May 24, 2007 "” Rockwell Automation, Inc. (NYSE: ROK) announced today that it has reached an agreement by which it will acquire Industrial Control Services Group Limited ("ICS") for £110 million (British pounds) in cash. ICS trades and does business as ICS Triplex, a leading global supplier of critical control and safety solutions to process industries. With 40 years of experience, ICS Triplex develops, delivers and maintains advanced products and solutions for high availability, fault-tolerant applications in process industry segments worldwide. ICS Triplex annual revenues are projected to be approximately £70 million (British pounds) for their current fiscal year which ends May 31, 2007. Rockwell Automation expects the transaction to be slightly dilutive to earnings per share in the first full fiscal year and accretive thereafter. Headquartered in Maldon, United Kingdom, ICS Triplex has more than 500 employees and operations across Europe, the Middle East, Asia and North America. ICS Triplex provides engineering services, products, and solutions for industries that demand high-integrity critical control. These industries primarily include oil and gas exploration, production, transportation, and refining as well as chemicals and power generation."With their industry expertise and strong customer relationships, ICS Triplex provides an important strategic fit for our rapidly expanding process control and safety solutions businesses," said Keith Nosbusch, chairman and chief executive officer of Rockwell Automation. "ICS customers in oil and gas, and other process industries will benefit from the breadth of Rockwell Automation's product portfolio and solutions capabilities. It also allows us to incorporate ICS' high availability, fault-tolerant technology into the Logix architecture extending the reach of this technology into discrete and hybrid process applications.""For 40 years, ICS Triplex has provided fault-tolerant safety and critical control solutions to premier companies in the oil and gas industry," said Peter Mottershead, ICS Triplex chief executive. "As we combine these capabilities with Rockwell Automation's 100 years of experience and strengths as a global leader in industrial automation control and information systems, it should enable us to grow our business and better serve our customers."The process for acquiring ICS has started with an irrevocable undertaking from the owner of approximately 96 percent of ICS ordinary shares and the owner of 100 percent of ICS preference shares to accept this offer. Accordingly, by way of a United Kingdom public offer, Rockwell Automation expects, subject to the receipt of regulatory approval from the German Federal Cartel Office and the satisfaction of customary closing conditions, to acquire 100 percent equity interest in Industrial Control Services Group Limited. The transaction is expected to be completed during the third calendar quarter of 2007.ICS Triplex will be included in the Control Products and Solutions operating segment.