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Cincinnati Lamb acquired.

Maxcor, Inc., in partnership with Silver Point Finance, LLC, announced that it has agreed to purchase the global operations of UNOVA's (NYSE: UNA) Cincinnati Lamb Group. The transaction is expected to close by the end of April.

Cincinnati Lamb, a company formed by the union of Cincinnati Machine and Lamb Technicon (2002), will operate under Maxcor's MAG Industrial Automation Systems business segment. Under the terms of the agreement, the Cincinnati Lamb Group will be purchased for approximately $60 million, subject to closing balance sheet adjustments. The transaction consists of cash, notes, and assumption of certain long term liabilities.

"Cincinnati Lamb has a long tradition of assisting customers in key manufacturing sectors to achieve higher productivity while driving production costs down," said Mo Meidar, chairman and CEO, Maxcor, Inc. "Maxcor is dedicated to building on that tradition by utilizing our expertise to foster greater product innovation and development as well as to continue the successful track record of unmatched customer service and product life cycle support."

Cincinnati Lamb designs, builds, and integrates high-volume and flexible machining as well as stand-alone production equipment for aerospace, automotive, heavy equipment, and general machining markets.

The company offers composites processing equipment, profilers, routers, and five-axis CNC machining centers; horizontal and vertical machining centers and turning centers; and automated assembly and test machines and systems
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Title Annotation:Industry News
Publication:Modern Applications News
Date:May 1, 2005
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