Zebra Technologies Completes Divestiture of Navis
LINCOLNSHIRE, Ill., March 21, 2011 /PRNewswire/ — Zebra Technologies Corporation (Nasdaq: ZBRA) today announced that it has completed the sale of its Navis business to Cargotec Corporation (NASDAQ OMX Helsinki: CGCBV) for approximately $190 million in cash, subject to a working capital adjustment. As previously reported, management estimates that the sale will result in an after-tax gain of $30-$40 million, which will be recorded in first quarter of 2011.
The sale transfers Zebra’s Navis worldwide terminal operating system (TOS) business and the WhereNet Marine Terminal Solution product line, which comprised a small part of Zebra’s 2007 acquisition of WhereNet. All other elements of WhereNet, such as real time location solutions, tags and readers, remain with Zebra.
Deutsche Bank Securities Inc. acted as exclusive financial advisor to Zebra in connection with the transaction.
About Zebra Technologies
Zebra Technologies Corporation (NASDAQ: ZBRA) provides the broadest range of innovative technology solutions to identify, track, and manage the deployment of critical assets for improved business efficiency. Zebra’s products include reliable on-demand printers and state-of-the-art software and hardware solutions utilizing a wide array of automatic identification technologies. By enabling improvements in sourcing, visibility, security and accuracy, Zebra helps its customers to put the right asset in the right place at the right time. Zebra serves more than 90 percent of Fortune 500 companies worldwide. For more information about Zebra’s solutions, visit http://www.zebra.com.
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SOURCE Zebra Technologies Corporation