“The acquisition of Accu-Sort will enable Datalogic to double its presence in the Industrial Automation market, a very fragmented sector, but one with high growth potential,” said Mauro Sacchetto, Datalogic Group CEO. “Furthermore, this acquisition will consolidate Datalogic’s position of leadership, putting it first in the world, with 31 percent of the market participants choosing Datalogic’s technological solutions.
“In practice, this means that almost a third of the post offices, couriers, distribution centers and airports worldwide use our products and solutions.”
Founded in 1971 and based in Telford, Penn., 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 $92 million in 2010, of which approximately 79 percent generated in the United States.
Accu-Sort employs approximately 250 employees, and has one production factory in the U.S., two research centers (one in the U.S. and one in Europe) and eight sales offices.
Accu-Sort’ strengths notably include its continuous product innovation (around 80 patents, of which 57 are registered in the U.S.), long-term relationships with primary retailers, strong competitive positioning and high brand awareness in its key market; these factors will enable Datalogic to strengthen its presence, mainly in the Transportation & Logistics sector.
The acquisition of Accu-Sort, a complementary company both in terms of geographical distribution and product offering, will enable Datalogic to improve its global leadership in the industrial stationary scanners segment, putting it in first place, with a market share of around 31 percent (Source: VDC 2011), versus a current market share of 16 percent.
The agreed purchase price of $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.
Datalogic will finance the acquisition with bank loans for 45 million Euro and with its own funds for the remainder.
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