Sunnyvale, Calif., July 30, 2008 — Trimble (NASDAQ: TRMB) announced today it has acquired privately-held SECO Manufacturing Company of Redding, Calif., in an all-cash transaction. SECO is a leading manufacturer of accessories for the geomatics, surveying, mapping, and construction industries. Financial terms were not disclosed.
SECO manufactures and distributes accessories for surveying instruments, lasers, robotics, and mapping and Global Positioning System (GPS) systems, which includes products such as tripods, prism poles, rover rods, brackets, adapters, carrying cases, and backpacks. Along with offering company-branded accessories, SECO also offers custom-made private labeled solutions.
SECO complements Trimble’s recent acquisition of Crain Enterprises, which was announced in January of 2008. The purchase of SECO and Crain allows Trimble to provide the necessary accessories that can be offered as part of its positioning solutions used in the Engineering and Construction markets. SECO specializes in the development, fabrication and machining of metallic accessory products while Crain is more focused on polymer and composite-based products. Both SECO and Crain are innovative and agile producers. These capabilities are expected to permit marked improvements in functionality for customers in next generation products. In addition, Trimble, SECO and Crain will be able to leverage distribution channels throughout the world.
"With the recent acquisition of Crain Enterprises and now SECO, we are well positioned to lead the engineering and construction accessories market," said Bryn Fosburgh, sector vice president of Trimble. "SECO will enable us to continue to augment our existing product lines by offering additional accessories as part of our solutions portfolio. Since accessories are important system components, they are often key to achieving total solution performance. The acquisition allows us to better satisfy our user’s needs."
"We have worked closely with Trimble since the early 1980’s and we believe the acquisition is an ideal fit," said Mike Dahl, vice president and general manager of SECO. "The acquisition solidifies our industry leadership position and gives us access to further expansion by leveraging Trimble’s worldwide distribution channel."
SECO will be part of Trimble’s Engineering and Construction segment.
About SECO Manufacturing Company
SECO was founded in 1944 as a retail supplier of products and services for local and regional surveyors. In 1977 the Company’s focus migrated from retail service to design, manufacturing and distribution. SECO has become a leading manufacturer of accessories for the surveying and construction industries. The Company’s products are available through more than 900 dealers worldwide.
For more information, visit: http://www.surveying.com
About Trimble’s Engineering and Construction Business
Trimble, a world leader in GPS, construction lasers, robotic total stations and machine control solutions, is creating a broad range of innovative solutions that changes the way construction work is done. The engineering and construction business of Trimble is focusing on the development of technology and solutions in the core areas of surveying, construction and infrastructure. From concept to completion, Trimble’s integrated systems streamline jobs and improve productivity.
About Trimble
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has a worldwide presence with more than 3,400 employees in over 18 countries.
For more information, visit Trimble’s Web site at www.trimble.com.
Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual events and results may differ materially from those described in this news release. Factors that could cause or contribute to such differences include, but are not limited to, continued customer use and future market acceptance of SECO accessory products and the ability to better satisfy user needs, maintaining a leading position in the engineering and construction accessories market, competition and pricing pressures from other accessory providers, the ability of SECO to expand by leveraging Trimble distribution channels, and changing market and economic trends in the industry. Additional risks and uncertainties include: the risks inherent in integrating an acquisition; unanticipated expenditures, charges or assumed liabilities that may result from the acquisition; and retaining key personnel. More information about potential factors which could affect Trimble’s business and financial results is set forth in reports filed with the SEC, including Trimble’s quarterly reports on Form 10-Q and its annual report on Form 10-K. All forward looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.
