GREENSBORO, N.C. -- Marconi Commerce Systems, formerly Gilbarco Inc., a wholly owned subsidiary of Marconi plc says that Danaher Corp. has signed a definitive agreement to purchase the company for $325 million. The acquisition, expected to close in early 2002, remains subject to regulatory approval and other closing conditions. After the sale closes, Marconi Commerce Systems will readopt the Gilbarco name.
"We are excited about the strategic fit of three of the strongest brands in the industry: Gilbarco, Veeder-Root and Red Jacket. Together we will create additional value for customers, including a global presence, advanced technologies, financial stability and a broad platform for the products and services we offer," said David Kaehler, president and CEO of Marconi Commerce Systems.
"Gilbarco represents an excellent fit for Danaher's environmental platform and its Veeder-Root business," said Scott Clawson, president of Veeder-Root. "Combining Gilbarco and Veeder-Root creates the leading company in the petroleum equipment market with outstanding brands uniquely capable of providing a full range of integrated automation and environmental solutions and services for our retail petroleum customers."
Simsbury, Conn.-based Veeder-Root is a leading supplier of automatic tank gauging and fuel management systems.
Marconi Commerce Systems (Gilbarco), is headquartered in Greensboro, N.C., and is a leading supplier of fuel dispensing equipment, fully integrated point-of-sale systems and backoffice accounting systems for the global petroleum marketplace.
Danaher Corp., Washington, D.C., is a leading manufacturer of process/environmental controls, tools and components.
