SUN ELECTRIC CORP. ACQUIRES VEHICLE TEST TECHNOLOGY, INC.
SUN ELECTRIC CORP. ACQUIRES VEHICLE TEST TECHNOLOGY, INC. CRYSTAL LAKE, Ill., April 13 /PRNewswire/ -- Sun Electric Corp. (NYSE: SE), owner of 50 percent of the stock of Vehicle Test Technology, Inc. (VTTI), a corporation engaged in the design and operation of centralized vehicle emissions inspection stations, announced today that it has acquired all of the remaining outstanding shares of VTTI from Systems Control, Inc. (SCI). The acquisition price of $7.0 million was financed with a 90-day bank bridge loan which Sun Electric intends to replace with permanent financing. As part of the transaction, SCI, which operates vehicle emissions inspection stations in several states, also sold certain of its assets to Sun Electric including patents, copyrights, technology and technical know-how relating to the business of testing motor vehicle emissions at centralized locations. SCI and Sun Electric will, however, continue their previously announced joint efforts with the University of Denver to market the recently developed RSD-1000 Remote Sensing Device, a roadside device which measures pollutants in the exhaust of moving vehicles. Gerald A. Kien, chairman, president and chief executive officer, stated, "Sun Electric Corp. is already a leader in the decentralized vehicle emissions testing segment of the marketplace. The acquisition of VTTI, which currently operates all of the vehicle emissions inspection stations in the state of Washington, together with the technology and know-how acquired from SCI, will enable us to expand our presence in the growing centralized vehicle emissions testing market both on a national and international basis." Sun Electric Corp. is primarily engaged in the design, manufacture, marketing and service of diagnostic, test and service equipment for the motor vehicle industry and motor vehicle manufacturers in more than 100 countries. -0- 4/13/92 /CONTACT: Martin M. Ellen of Sun Electric, 815-459-7700/ (SE) CO: Sun Electric Corp.; Vehicle Test Technology, Inc. ST: Illinois IN: AUT SU: TNM
AH -- NY058 -- 7800 04/13/92 13:18 EDT
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|Date:||Apr 13, 1992|
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