"As we've stated, a key element of our strategy is to review our portfolio of businesses against a set of strict strategic criteria. After an extensive review, we concluded that we were not in a position to maximize the potential of the ophthalmic lens processing business. This sale will allow us to further reduce our debt and better positions us to invest in our core Apparel and Industrial segment where we are a market leader, with solid margins and strong positions in high growth market segments. As we have discussed previously, this segment is one where we will actively pursue growth, both organically and through acquisitions," said Gerber Scientific Chief Executive Officer Marc Giles.
Edward Jepsen, a former Gerber Scientific board member, along with Alex Incera, President of Gerber Coburn, and Wayne Labrecque, Vice President of Sales, will control Coburn Technologies, Inc. Mr. Incera stated, "We are excited about the acquisition and the opportunity to build upon Gerber Coburn's successful record of innovation in lens processing technology and reputation for unmatched customer service. We have a great management team and organization and we intend to capitalize on the many opportunities for growth within the industry through new product development, strategic partnerships and complementary acquisitions, as well as growing in the expanding international markets."
Giles concluded, "We are proud of the many accomplishments of the Gerber Coburn team and will miss working with this very talented group of individuals; nevertheless, we believe that this transaction is in the best long term interest of both companies and we wish them great success."
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