Unova sells last industrial firm

Published 9:00 pm Monday, December 12, 2005

EVERETT – Unova Inc., the parent company of Intermec Technologies, has closed the books on its separate industrial division, completing the sale Monday of Landis Grinding Systems to a French company.

The European Commission gave its approval to the deal on Friday, saying in a statement that the combined operation “will continue to face strong competition” from companies in Europe, Japan and elsewhere.

Landis’ buyer, Groupe Fives-Lille, is an industrial engineering group that is owned by Barclays, a British financial services firm. Its deal to buy the Unova company for $80 million in cash, as well as assuming Landis’ retirement and pension obligations, was first announced in October.

Based in Pennsylvania, Landis makes grinding systems for automotive, aerospace and related industries. Such systems typically are used for the precise finishing of metal parts, such as crankshafts and camshafts.

Everett-based Unova has worked over the past two years to sell off its industrial-related companies. Earlier this year, Unova sold its Cincinnati Lamb business, which designed and built machines that can assemble automobiles and other large products, for $60 million.

The strategy is to focus on fast-growing and profitable Intermec Technologies, which makes hand-held computers, bar-code scanners and radio frequency identification components. Unova, one of the two largest publicly held companies based in Snohomish County, even plans to change its name in January to Intermec Inc.

Unova’s stock lost 6 cents on Monday to close at $28.79 a share.

Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.