Business News

Gerber Scientific, Inc. Signs Definitive Agreement to Sell Laser Marking and Engraving Business Unit to ALLTEC

Monday 03. August 2009 - Gerber Scientific, Inc. ("the Company") (NYSE:GRB) today announced that it had entered into an agreement to sell its laser marking and engraving business unit, FOBA Technology + Services GmbH ("FOBA"), to ALLTEC Angewandte Laserlicht Technologie GmbH, the laser business unit of Videojet Technologies Inc.

In accordance with the agreement, consummation of the transaction is subject to customary terms and conditions and regulatory approvals, including approval of the German merger control authority, which the Company expects will take no longer than a month. While financial terms of the transaction were not disclosed, the Company said that the proceeds from the sale would be used to reduce its outstanding debt and for general corporate purposes. RA Capital Advisors acted as financial advisor to the Company in the transaction.

“We acquired the FOBA business unit as part of our acquisition of Virtek Vision International, Inc. last year. While FOBA is an attractive laser marking and engraving business, it is not a core strategic focus for us. FOBA is, however, an ideal partner for Videojet Technologies given Videojet’s global reach and scale,” said Gerber President and CEO, Marc Giles. “For Gerber, this transaction represents one of several potential non-core/non-strategic asset sales that we have been reviewing and the proceeds from this sale will provide us with additional flexibility under our senior credit facility.”