Acquisition advances PaR Systems march into military markets ST. PAUL, Minn.
(June 15, 2006) – PaR Systems, Inc. announces today the acquisition of the assets of Unidynamics, Inc., a leading U.S. material handling and specialty equipment company, based in Conroe, Texas.
The purchase was funded with capital from PaR Systems financial partner, American Capital Strategies (NASDAQ: ACAS). Unidynamics joins Jered LLC, a wholly owned subsidiary of PaR Systems, to provide specialty material handling design, manufacturing, and service to the marine and military markets. Recently, Unidynamics made specialized handling equipment installed in military applications including the Littoral Combat Ship, the first of the U.S. Navy 's planned next-generation surface combatants.
“The acquisition of Unidynamics enhances PaR Systems’ existing automation and material handling solutions and strengthens our support for military and commercial marine customers,” said Rick Edger, Jered president and head of PaR Systems’ military division. PaR Systems purchased Unidynamics’ assets from their section 363 bankruptcy sale process. PaR Systems plans to act quickly to complete Unidynamics’ immediate projects before relocating the facility to Jered’s Brunswick, Ga., location.
About PaR Systems
For 45 years, PaR Systems has provided automation and material handling solutions and remains focused on specialized robotics, material handling, and crane equipment applications to improve customer quality, safety and productivity. Headquartered in Shoreview, Minn., PaR Systems serves highly specialized industries including aerospace, marine, semiconductor, food and beverage, military, government, research, semiconductor, medical, laboratory and manufacturing. In August 2005, PaR Systems acquired the assets of Jered Industries, Inc. and expanded its automation and material handling expertise into the military and commercial marine industries.
About Unidynamics
Unidynamics, Inc. has designed and built innovative solutions and world-class equipment for material handling applications. These include applications for such markets as marine, offshore energy, hazardous materials, aerospace, pleasure cruise ships, and others requiring customized solutions.
