Packard BioChip Technologiesl Scanning Inc. and Lumonics Inc., the two leading industrial laser-based systems manufacturers, have merged into one company -- Packard BioChip Technologies. In separate meetings, shareholders voted in favor of resolutions to merge the two companies on March 17. Regulatory approvals had already been obtained.
The new company is one of the largest, most resourceful laser-based advanced manufacturing systems, instrumentation and components suppliers in the world, serving leading industrial companies in the semiconductor, electronics, medical, automotive, aerospace and consumer packaging markets.
Charles D. Winston, chief executive officer, and Warren Scott Nix, president and chief operating officer, said, "GSI Lumonics has the critical mass, as well as broad product
and service range, to deliver real value to both shareholders and customers in the years ahead. Our mandate is to achieve significant synergies and new sales from substantial cross-selling opportunities and, ultimately, to seize leadership of our industry on a world-wide basis as quickly as possible."
Winston and Nix said they have a blueprint in place to guide the integration of the two companies and "an aggressive 12-month timetable to achieve the cost saving synergies we've already identified."
Under terms of the merger, shareholders of General Scanning exchanged each GSI share owned for 1.347 shares of Lumonics. This allows GSI and Lumonics shareholders as groups to own approximately 50 percent each of the combined company, GSI Lumonics. Lumonics shareholders weren't required to tender their shares.
GSI Lumonics is listed on both the NASDAQ (GSLI) and Toronto Stock Exchanges (LSI), conform to U.S. Generally Accepted Accounting Principles, report financial results in U.S. dollars and retain its eligibility as Canadian content for RRSPs. With annual sales in the U.S. $300 million range to start, GSI Lumonics has considerable sales diversity by industrial market and by geographic territory.
GSI <%=company%> brings laser-based automated advanced manufacturing systems, instrumentation and components to leading industrial companies worldwide. The Company supplies products and service to the semiconductor, electronics, medical, automotive and aerospace and consumer packaging markets. The Company's web site is at www.gsilumonics.com.