EVERETT – The parent of Intermec Technologies has sold the last of its industrial operations, poising the company to focus solely on its fast-growing technology business.
Unova Inc. said Friday it agreed to sell Landis Grinding Systems to Groupe Fives-Lille, a French industrial engineering group, for $80 million in cash. The new owner also will take over Landis’ retirement and pension plan obligations.
With its main U.S. plant in Waynesboro, Pa., Landis specializes in making grinders for applications in the automotive, aerospace and related industries. Groupe Fives-Lille designs and produces equipment primarily for the aluminum, automotive, steel and cement industries.
Landis was the remaining piece of Unova’s industrial automation systems division. Earlier this year, Unova sold for $60 million its Cincinnati Lamb business, which designed and built machines that can assemble automobiles and other large products.
Larry Brady, Unova’s chairman and president, has hitched his company’s future to its remaining division, Intermec Technologies, which makes hand-held computers, bar-code scanners and radio frequency identification components. In 2006, the parent company will adopt Intermec’s name.
The reason is evident from glancing at Unova’s financial results. In 2004, Intermec sales reached $811 million, generating a profit of $52 million. Even after consolidating and streamlining the industrial businesses during 2002 and 2003, that division still lost money in 2004.
Unova’s stock gained 35 cents Friday to close at $30 a share.
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