Wednesday June 7, 5:04 pm Eastern Time
Press Release
SOURCE: GSI Lumonics Inc.
GSI Lumonics Announces The Sale of Its Xymark Laser Coding Business To Linx Printing Technologies plc
KANATA, Ontario, June 7 /CNW/ -- GSI Lumonics Inc. (Nasdaq: GSLI - news; Toronto: LSI - news) today announced that is has divested its package coding business located in Hull, UK. The business was acquired by Linx Printing Technologies plc, a UK manufacturer of continuous ink jet printers. Under the terms of the transaction Linx will acquire the operating assets related to the business from GSI Lumonics for $8.9M US. The effective date of the sale is June 2, 2000.
"We are pleased to have found a strategic buyer for the package coding business who will continue to grow the business and retain the employees", said Charles Winston, President & CEO of GSI Lumonics. "This sale is consistent with our previously announced strategy to exit non-core businesses and devote our resources to growth opportunities in our core markets of semiconductor, electronics and automotive."
GSI Lumonics Inc. supplies laser-based automated advanced manufacturing systems and components and services to the semiconductor, electronics and automotive markets. GSI Lumonics' common shares are listed on Nasdaq (GSLI) and The Toronto Stock Exchange (LSI). The Company's web site address is www.gsilumonics.com.
For further information:
GSI Lumonics Inc.
Fran Crecco
978-439-5511 (ext: 6104)
To the extent this news release discusses financial projections, information or expectations about GSI Lumonics Inc., products or markets, or otherwise makes statements about the future, such statements are forward looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. The factors include the fact that the companies' sales have been and are expected to continue to be dependent upon customer capital equipment expenditures, which are, in turn, affected by business cycles in the markets served by those customers. Other factors include continued volatility in Asia and in the semiconductor industry, the risk of order delays and cancellations, the risk of delays by customers in introducing their new products and market acceptance of products incorporating subsystems supplied by the companies, similar risks to the companies of delays in their new products and other risks detailed in the companies' Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
For further information
Fran Crecco of GSI Lumonics Inc., 978-439-5511 (ext: 6104) |
