October 2, 2006
Scientific Technologies Inc., a North American provider of automation safeguarding products, has announced today that it has completed its previously announced merger with a subsidiary of Japan-based Omron Corp. STI shareholders will receive $10.67 per share in cash as a result of the merger, and STI will cease to be a publicly-traded company. Also as a result of the merger and related transactions, Omron acquired STI's Safety Products Group (SPG) business and STI sold its Automation Products Group (APG) business to Automation Products Group, Inc., a new company formed by members of the Lazzara family. The total transaction values the equity of the Company at approximately $110.8 million.
"We are pleased that our shareholders have approved this transaction and that the merger is now complete," said Joseph J. Lazzara, STI president and CEO. "We believe this transaction provides significant liquidity to our shareholders while providing exciting new platforms of opportunity for our customers and employees."
The operations of STI's Safety Products Group will remain in Fremont, Calif.
With regard to the Company's APG unit, Lazzara said, "The Company's APG business will continue to operate out of its Logan, Utah facilities as the Automation Products Group, Inc. under private ownership of the Lazzara family."