SI HANDLING SYSTEMS ACQUIRES BT SYSTEMS
SI HANDLING SYSTEMS ACQUIRES BT SYSTEMS EASTON, Pa., March 11 /PRNewswire/ -- SI Handling Systems, Inc.
(NASDAQ: SIHS) today announced that it has reached an agreement to purchase all of the capital stock of BT Systems, Inc., a U.S. corporation, from its Swedish parent company, BT Systems AB.
SI Handling will finance the acquisition with cash and short-term debt. BT Systems, Inc., located in Rochester Hills, Mich., is one of the world's largest suppliers of Automated Guided Vehicle Systems (AGVS), with more than 1,500 AGVS's at 60 installations in North America. The acquisition of the AGVS product line gives SI Handling one of the broadest ranges of horizontal transport products in the industry. BT Systems, Inc. also offers a wide range of capability in Automated Storage and Retrieval Systems (ASRS) for which SI Handling already possesses a strong technology base following its acquisition of the Hartman product lines two years ago, coupled with its long-standing technical partnership with Ishikawajima Harima Industries (IHI) in Japan. SI Handling and BT Systems essentially serve common North American marketplaces, such as automotive/transportation, newspaper publishing, pharmaceutical/cosmetic, aerospace, and warehousing. The acquisition will significantly enhance SI Handling's Automated Materials Handling capability in both Automated Manufacturing as well as in Automated Distribution. /delval/ -0- 3/11/92 /CONTACT: Leonard S. Yurkovic, president and chief executive officer of SI Handling Systems, 215-252-7321/ (SIHS) CO: SI Handling Systems, Inc.; BT Systems, Inc. ST: Pennsylvania, Michigan IN: SU: TNM
JS-MK -- PH014 -- 7334 03/11/92 14:14 EST
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|Date:||Mar 11, 1992|
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