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Technology Stocks : GenRad Inc.(GEN) entering the ADSL market! -- Ignore unavailable to you. Want to Upgrade?

To: Marantz who wrote (218)	4/7/1998 6:29:00 PM
From: Jack Be Quick	Read Replies (2) \| Respond to of 283

The other show drops: =================== GenRad Acquires ICC and Announces EDSAgreement; Creates GR Software Business Unit April 7, 1998 05:31 PM WESTFORD, Mass.--(BUSINESS WIRE)--April 7, 1998--GenRad, Inc. GEN today announced the acquisition of Industrial Computer Corporation (ICC) of Atlanta, Georgia. ICC is a software company providing manufacturing execution systems to electronics manufacturers. ICC's market position extends GenRad beyond printed circuit board assembly solutions into product assembly and new vertical markets providing scale and establishing GenRad as a key player in the Manufacturing Execution System (MES) Software Market. The transaction is valued at $36.6 million. Under the terms of the agreement, ICC shareholders will receive approximately 1.2 million shares of GenRad, Inc. common stock in exchange for all of ICC's outstanding shares in a tax-free reorganization. The acquisition will be accounted for as a pooling of interests. There will be one-time merger costs of approximately $2.5 million that will be recorded in the second quarter. In addition, GenRad is announcing the signing of an agreement with Electronic Data Systems (EDS) to design and develop the next generation information system for printed circuit board assembly. This state-of-the-art, object-oriented solution will support "plug and play" factory concepts and deliver manufacturing performance improvements to printed circuit board assembly operations through a flexible, scaleable product delivering real-time process diagnostics. The complete solution is scheduled to be released in the second quarter of 1999. ICC and the EDS initiative will be combined with GenRad's Mitron subsidiary and Global Software Development Group to form a new business unit, GR Software. GR Software positions GenRad to pursue the Electronics Manufacturing Software Market with broader scale, depth and expertise by combining GenRad's deep domain knowledge, EDS' worldwide infrastructure and enterprise integration capabilities and ICC's position in the MES market. James F. Lyons, GenRad's President and Chief Executive Officer, commented, " With the acquisition of ICC and the establishment of the EDS relationship, GenRad demonstrates its continued commitment to creating a world-class software business. GR Software represents the next step in realizing our strategic vision by extending the breadth of our software and services solutions and strengthening our current leadership position into the next century." Industrial Computer Corporation (ICC) Background ICC, a software company headquartered in Atlanta, GA, develops and markets real-time manufacturing execution systems for discrete manufacturing environments. MES enables manufacturers to effectively reduce cycle-times and costs; improve quality and yields; provide production flexibility and product/component traceability. ICC focuses on the electronic assembly and aerospace/defense markets. ICC's flagship product, Shop Floor Data Manager (SFDM), permits user scalability and facilitates full enterprise interoperability. ICC's clients include numerous Fortune 500 companies, with over 10,000 concurrent users worldwide. ICC's Internet address is indcorp.com. Electronic Data Systems (EDS) Background EDS, headquartered in Plano, Texas and the official information technology provider for the World Cup 1998, is a leader in the global information services industry. The company's approximate 110,000 employees specialize in applying a range of ideas and technologies to help business and government customers improve their economics, products, services and relationships. EDS, which serves 9,000 customers in 44 countries, reported revenues of $15.2 billion in 1997. The company is independent and publicly owned, and its stock is traded on the New York Stock Exchange and the London Stock Exchange. EDS' Internet address is eds.com. GenRad Background GenRad, Inc. provides electronics OEMs and their customers with the hardware, software, inspection systems and services to optimize manufacturing and after-market service productivity. GenRad, headquartered in Westford, MA, offers products and services through three business units: Advanced Diagnostic Solutions (ADS), Electronic Manufacturing Systems (EMS), and GR Software (GRS). GenRad employs approximately 1,400 people worldwide, of whom 35 percent are applications, software and hardware engineers. GenRad's Internet address is genrad.com. GenRad's most current shareholder information is available by visiting our Website at genrad.com or calling our Fax On Demand Service at (800) 469-1261. Statements made in this press release which are not historical, including statements regarding product demonstration, product capabilities and markets are forward looking statements and as such are subject to a number of risks. Please see the Company's 1996 Annual Report or Form 10K and other reports filed pursuant to the Securities Exchange Act of 1934 for additional disclosure regarding such risk factors.