Omron to Add Robotics Technology to Its Current Offerings with Acquisition of Adept Technology

Omron Corporation, a global leader in the field of automation based on its core sensing and control technology, and Adept Technology, Inc., a global, leading provider of intelligent robots, autonomous mobile robot solutions, and services, announced that the two companies have entered into an agreement whereby Omron will acquire Adept.

Omron plans to acquire 100 percent of the outstanding shares of Adept common stock through an all cash tender offer followed by a second-step merger. Omron will offer Adept investors $13.00 per share of Adept common stock, which represents a 63 percent premium over the closing price for Adept's common stock on September 15, 2015. This values Adept at approximately $200 million. Omron will fund the tender offer through cash on hand.

The tender offer is expected to commence on or about September 23, 2015, and the transaction is expected to close on or about October 22, 2015. The closing of the transaction is subject to customary closing conditions, including at least a majority of shares of Adept common stock being tendered in the offer, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and receipt of required foreign antitrust approvals. The transaction has been unanimously approved by the Boards of Directors of both companies.

By adding the robotics technology of Adept to its current offering, Omron will be very well positioned to provide manufacturers in the automotive, digital device, food and beverage, packaging, and other industries with solutions to these challenges, as well as engineering support.

Founded in 1983, Adept recorded annual sales of $54.2 million and gross margin of 42.0% in the fiscal year ended June 30, 2015. Adept is a leading U.S. based manufacturer of industrial robots. Adept's intelligent automation product lines include autonomous mobile robots, industrial robots, configurable linear modules, machine controllers for robot mechanisms and other flexible automation equipment, as well as machine vision systems and software. Adept's strategy is to provide a broad range of highly reliable integrated products along with world-class service to allow manufacturers to maximize productivity, safety, flexibility and product quality.

This acquisition is a part of the acceleration of Omron's "ILO+S" (Input, Logic, Output and Safety) strategy for its Industrial Automation Business, which provides automation solutions for the manufacturing industries.

Following the transaction, Rob Cain, President and Chief Executive Officer of Adept, will continue to lead Adept and will report to Nigel Blakeway, Chairman, Chief Executive Officer and President of Omron Management Center of America, Inc., Omron's wholly owned United States subsidiary.

Keywords: Intelligent Robots, Automation, Robotics Technology, Autonomous Mobile Robots, Machine Vision Systems, ARC Advisory Group.