Emerson to Acquire Artesyn Technologies; Agreement Boosts Firms' Ability to Serve Global Customers with Embedded Power Technolog
03 February 2006 - 12:30AM
Business Wire
Emerson (NYSE: EMR) and Florida-based Artesyn Technologies (NASDAQ:
ATSN) today announced that Artesyn will become part of Emerson
Network Power. Emerson will acquire Artesyn for $11 a share in cash
(approximately $500 million net of acquired cash) pending customary
regulatory approvals and approval by Artesyn shareholders. The
agreement brings additional embedded power conversion technologies
to Emerson Network Power's existing portfolio of solutions for
customers in the enterprise computing, data, and telecommunications
industries. Artesyn provides leading original equipment
manufacturers (OEMs) with advanced power conversion equipment as
well as hardware and software subsystems for a range of
communication applications. "Artesyn's focus on technology, global
presence and complementary marquee customer relationships make it a
great strategic fit with Emerson Network Power to help us better
serve important customers in key markets around the world," said
David N. Farr, Emerson chairman, chief executive officer and
president. Artesyn Technologies, headquartered in Boca Raton,
Florida, with sales in 2005 of approximately $420 million, operates
globally with design, manufacturing, sales, and service facilities
throughout Asia, Europe, and North America. "In addition to
providing Artesyn shareholders with full value, our customers will
benefit from Emerson's extensive international infrastructure to
successfully meet their evolving needs," said Joseph O'Donnell,
Artesyn's chief executive officer. "The synergies will provide the
scale, resources, and financial flexibility to take our leading
technology to the next level." About Artesyn Technologies Artesyn,
headquartered in Boca Raton, Florida, is a world leader in the
design, manufacture, and sale of power conversion and embedded
board solutions for infrastructure applications in server and
storage, networking, wireless, and telecommunications systems. The
Company's products are used in middle to high-end servers, data
storage devices, routers, hubs, high-speed modems, RF amplification
systems, base station controllers and transceivers. The Company has
a global sales reach with design and manufacturing facilities in
Asia, Europe, and North America. Artesyn is a public company whose
common stock is traded on the Nasdaq stock market under the symbol
ATSN. For more information, please visit the Company's Web site at
www.artesyn.com. About Emerson Network Power Emerson Network Power,
an Emerson business, serves the needs of telecommunications
networks, data centers, health care and industrial facilities
worldwide with a full spectrum of reliable power solutions,
including inbound power, connectivity, power supplies, power
systems and precision cooling - all backed by the largest global
services organization in the power industry. Sales in fiscal 2005
were $3.3 billion. For more information, visit
www.emersonnetworkpower.com. About Emerson Emerson (NYSE: EMR),
based in St. Louis, is a global leader in bringing technology and
engineering together to provide innovative solutions to customers
through its network power, process management, industrial
automation, climate technologies, and appliance and tools
businesses. Sales in fiscal 2005 were $17.3 billion. For more
information, visit www.gotoemerson.com. Proxy Information This news
release is being filed by Artesyn with the Securities and Exchange
Commission (the "SEC") in accordance with Rule 14a-12 of the
Securities Exchange Act of 1934, as amended, and is not intended to
be a proxy solicitation. The information contained in this news
release is summary in nature and does not provide all of the
important information with respect to the merger between Artesyn
and Emerson. Artesyn plans to file a proxy statement and other
documents with the SEC regarding the merger. At such time, a
definitive proxy statement will be sent to Artesyn's stockholders,
seeking their approval of the merger and the merger agreement. A
copy of the proxy statement, when it is available, and any other
relevant documents filed by Artesyn with the SEC, will be available
free of charge at the SEC's website, www.sec.gov and at the
Investor Relations page of Artesyn's website, www.artesyn.com.
Copies of the proxy statement and other documents filed by Artesyn
with the SEC may also be obtained free of charge by directing
requests in writing to the Investor Relations department of
Artesyn, 7900 Glades Road, Suite 500, Boca Raton, Florida, 33434,
or by calling (561) 451-1000. Artesyn stockholders are urged to
read the proxy statement when it becomes available because it will
contain important information. Artesyn and its directors, officers
and certain of its employees may be deemed to be participants in
the solicitation of proxies of Artesyn stockholders. These
individuals may have an interest in the merger, including as a
result of holding options or shares of Artesyn common stock. A list
of the names, affiliations and interests of the participants in the
solicitation will be contained in the proxy statement relating to
the merger that will be filed with the SEC. Cautionary Statement
About Forward-Looking Statements Statements in this news release
that are not historical facts are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Readers are cautioned that these forward- looking statements
involve certain risks and uncertainties and may differ materially
from actual future events or results. Undue reliance should not be
placed on such forward-looking statements. Certain risks and
uncertainties are identified in Artesyn's and Emerson's periodic
filings with the SEC. Any forward-looking statement made in this
release is made as of the date of this release and should not be
relied upon as representing an estimate as of any subsequent date.
Artesyn and Emerson assume no obligation to update any such
forward- looking statements.
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