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News

Acquisition strengthens Orolia's location tracking capabilities

Orolia : 31 July, 2009  (Company News)
Orolia has acquired Kannad enabling the company to have a stronger position in the market for location positioning systems in extreme environments
Orolia SA, a group specializing in high-precision timing, positioning and synchronization electronics systems, has announced the signing of an agreement with Airtek Capital Group to acquire Kannad SAS, a key global supplier of maritime, aeronautical and land-based distress positioning beacons. Headquartered in Guidel, France, Kannad is a market leader in positioning systems for severe environments and with pro-forma sales of 17.7 MEUR in 2008 (excluding the scientific instrumentation business divested in late 2008), it is one of the world's largest providers of COSPAS-SARSAT locator beacons.

As an integral part of Orolia's overall strategy, this acquisition establishes a strong beachhead in a growth market segment adjacent to its core time & frequency businesses. Together with these operations and worldwide presence, this transaction advances Orolia's ambition to build a strong industry leadership position in positioning, navigation and timing for critical operations and clearly confirms its niche markets consolidation strategy.

Jean-Yves Courtois, Chairman and CEO of the Orolia Group, said 'For many years, we have been providing our customers with systems to deliver and control the time and frequency information required by their vital applications, at any time and under any circumstances. In today's world where traceability is critical and expansion of geolocation services is prolific, it appeared natural to strengthen our product portfolio with solutions that allow our customers to track in real time and in any environment the position of their key assets. Thus, we have decided to extend our 'Timing' expertise to the global Positioning, Navigation, Timing (PNT) segment that is closely linked to Global Navigation Satellite Systems where Orolia is already a renowned player'. Courtois added, 'Given the formative stage of markets for time and location applications and our focus on high-end, niche markets, we believe the 'Search & Rescue' sector is a particularly attractive area to advance this mission. The acquisition of Kannad, which has both a strong brand and business in this field, is for us a great opportunity to enter this market in a favorable position and expand new business as the PNT market structure solidifies'.

Jean-Pierre Bardon, CEO of Kannad, declared: 'Joining the Orolia Group will provide Kannad with an ideal environment to deploy its development strategy: an established international presence in many key countries, a mid-term industrial vision, a strong financial structure and a real know-how in terms of acquisition and integration processes. Thanks to this strengthening of our positions, we now expect to be in a position to seize rapidly consolidation and strategic partnerships opportunities.'

The transaction valued at 10 MEUR entirely paid in Orolia shares is expected to be closed in September 2009. It will be immediately accretive and will have a positive contribution to the cash flow of the Group.
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