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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 15, 1999
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Alvey Systems, Inc.
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(Exact name of registrant as specified in charter)
Delaware 333-2600 43-0157210
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
9301 Olive Boulevard, St. Louis, Missouri 63132
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (314) 993-4700
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Not applicable
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(Former name or former address, if changed since last report)
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ITEM 2. ACQUISITION OF COMPANY
On December 16, 1999, Pinnacle Automation, Inc., a Delaware corporation
and parent company of Alvey Systems, Inc., announced that it has agreed to be
acquired by FKI plc, a UK-based company. The press release incorporating
this announcement is filed herewith as Exhibit 10.3.
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EXHIBIT 10.3
NEWS RELEASE For more information contact:
December 16, 1999 Sarah Holahan, 314-290-2047
[email protected]
PINNACLE AUTOMATION, INC. TO BE ACQUIRED BY FKI PLC
SALE WILL CREATE WORLD-CLASS MATERIALS HANDLING COMPANY
ST. LOUIS--Pinnacle Automation, Inc., a leading integrator of materials
and information flow systems, today announced it will be acquired by UK-based
FKI plc. The cash sale, which is subject to Hart-Scott-Rodino approval and
other customary conditions, is valued at $368 million and is expected to
close around the end of January 2000. The total consideration, including
assumption of indebtedness, is approximately $425 million. FKI is a global
leader in materials handling, hardware and engineering, with more than 15,000
employees worldwide.
Pinnacle and its four subsidiaries are each headquartered in the U.S.:
Pinnacle and Alvey Systems, Inc., St. Louis, Mo.; The Buschman Company,
Cincinnati, Ohio; Real Time Solutions, Inc., Emeryville, Calif.; and White
Systems, Inc., Kenilworth, N.J. The companies collectively employ more than
1,800.
Pinnacle will be integrated immediately with FKI Logistex, FKI's
existing supply chain solution division. Pinnacle is expected to drive the
group's growth in the materials handling sector, particularly in e-commerce
fulfillment. For the first nine months of 1999, approximately 25 percent of
Pinnacle's sales were generated from e-commerce opportunities.
(more)
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PINNACLE AUTOMATION / FKI -- ADD ONE
"Pinnacle's affiliation with FKI will significantly expand our product
offering and market access, allowing us to serve new and existing customers
on a worldwide basis and realize synergies through FKI companies offering
complementary supply chain capabilities," said Stephen J. O'Neill, President
and Chief Executive Officer of Pinnacle.
FKI plc is an international engineering group traded on the London Stock
Exchange. The company holds world-leading positions in its specialized
business areas of Materials Handling, Hardware, and Engineering. FKI employs
more than 15,000 people, operates principally from Europe and North America,
and sells to customers in most countries of the world.
Pinnacle Automation, Inc. is a leading integrator of materials and
information flow technology, providing customers with solutions to meet their
supply chain needs. The four companies comprising Pinnacle provide equipment,
systems, services, solutions and related software and controls that enable
manufacturers, distributors and retailers to operate their manufacturing
plants, distribution centers and warehouses more efficiently.
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