Gerber Scientific Announces Signing of Letter of Intent to Acquire Data Technology, Inc.
SOUTH WINDSOR, Conn., April 13: Gerber Scientific, Inc. (NYSE:GRB) announced today that it has signed a non-binding letter of intent to acquire Data Technology, Inc., a leading manufacturer of automated cutting hardware for the design, die making and short run production segments of the packaging and graphics industries.
Data Technology, Inc., a privately owned company based in Wilmington, MA with annual revenue of approximately $10 million, has a long history of providing innovative solutions. The recent release of its M platform cutting solutions extends the company's performance and technical capabilities. With about 3,000 installations worldwide, Data Technology has established itself as a trusted industry leader.
Marc T. Giles, President and CEO of Gerber Scientific, Inc., stated: "Our corporate strategy has been to supplement organic growth with key strategic acquisitions. Data Technology will enable Gerber to provide the sign making, specialty graphics and package and print industries with the greatest range of precision cutting technologies. These products will also be attractive to Gerber Technology customers, and we plan to leverage this opportunity. We are excited about this addition to our product offering and look forward to building on our combined heritage of innovation and process automation for our customers."
David H. Buckley, President and CEO of Data Technology, Inc., added: "We are looking forward to joining the Gerber team. This strategic alignment will provide Data Technology with the opportunity to expand its global market reach through Gerber's vast distribution channels."
Greg McCarter, COO of Tubelite Inc., a leading distributor of Gerber's sign making and specialty graphics products, commented: "As one of Gerber's largest distributors, we believe that this acquisition will significantly enhance Gerber's product offerings in this fast growing marketplace. We look forward to working with the Data Technology team over the coming months and years."
Gerber Scientific and Data Technology are in the process of concluding a definitive purchase agreement. We expect to complete the acquisition early in the first quarter of fiscal year 2008, which ends July 31, 2007.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com/) is a leading international supplier of sophisticated automated manufacturing systems for sign making and specialty graphics, apparel and flexible materials, and ophthalmic lens processing. Headquartered in South Windsor, Connecticut, the company operates through four businesses: Gerber Scientific Products and Spandex Ltd., Gerber Technology, and Gerber Coburn.
Source: Gerber Scientific, Inc.
CONTACT: Jay Zager, Gerber Scientific, Inc., +1-860-644-1551
Web site: http://www.gerberscientific.com/
