Brooks buys Intelligent Automation to address fiber optics plants
Semiconductor Business News
(02/18/02 10:57 a.m. EST)
CHELMSFORD, Mass. -- Brooks Automation Inc. today announced it has completed a $17.9 million acquisition of Intelligent Automation Systems Inc., a 14-year-old supplier of custom automation systems for semiconductor, photonics and life sciences industries.
The transaction is the latest in a string of acquisitions being made by Brooks to become the world's largest supplier of wafer fab automation systems and software. The Chelmsford-based company is awaiting U.S. government review of its planned purchase of PRI Automation Inc. for about $380 million in stock. That purchase will create a fab automation giant--to be called Brooks-PRI Automation Inc.--with combined revenues of more than $700 million (see NOv. 24 story).
Meanwhile, the purchase of Intelligent Automation Systems in Cambridge, Mass., will bring additional engineering capabilities for the expansion of automation systems in manufacturing facilities, said Robert J. Therrien, president and CEO of Brooks.
"Along with a top notch engineering team, we are acquiring valuable learning cycles, particularly in the area of machine vision," said the chief executive officer. "Their knowledge combined with our technology crossover provides the potential entry point to a broader base of growth industries, including automation for fiber optics -- where there is still a lot of manual assembly -- and the life sciences."
Intelligent Automation Systems had revenues of $7.92 million in a period corresponding with Brooks' last fiscal year, ended Sept. 30.
Brooks said the purchase method of accounting will be used to account for the $17.9 million transaction, which is payable in a combination of stock and cash. The purchase is expected to be neutral to Brooks' earnings, before amortization of acquired intangible assets, acquisition-related and restructuring charges and other charges in the current fiscal 2002 year, the company said.
The two companies have worked together for eight years, according to Steven J. Gordon, founder and CEO of Intelligent Automation Systems. "The leveraging of Brooks' semiconductor robotic technology and strong software capabilities along with their excellence in manufacturing and global support will be very important factors in accelerating our growth into new markets for Brooks," he predicted. |
