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MAY 2001 INDUSTRY NEWS

PerkinElmer Promotes John J. Engel to Executive Vice President

PerkinElmer, Inc. today announced the promotion of John J. Engel to the newly created position of Executive Vice President, and President of Life Sciences, effective June 1, 2001. Engel takes on direct responsibility for the Life Sciences business while retaining oversight for Optoelectronics. The company expects to name the president of Optoelectronics shortly.

"With John's promotion we are increasing our overall management depth and expanding our leadership bandwidth within Life Sciences," noted Gregory L. Summe, Chairman and Chief Executive Officer. "John has an excellent track record of accelerating performance in fast growing, complex businesses."

The company also announced that Patrick Dahlen has been named to the newly created position of President of Drug Discovery, reporting to John Engel. "This new organization allows Patrik to dedicate his efforts to growing our Drug Discovery business, a major emphasis of our Life Sciences strategy," continued Summe. "I am very pleased to have leaders of the caliber of John and Patrik at the helm of these businesses."

 

Agilent Technologies Creates New Executive Position to Increase Focus On Customers

The company has appointed global sales and marketing veteran Larry Holmberg to lead this effort in the newly created position of corporate sales, marketing and customer support.

"Larry will serve as a champion for customers and provide functional leadership for our sales, marketing and customer support activities company-wide," said Ned Barnholt, Agilent president and CEO. "The creation of this position is in keeping with Agilent's goal of placing customers first."

Holmberg has most recently been Agilent's vice president of sales, marketing and field operations for the company's Communications Solutions Group. In his new role as senior vice president of sales, marketing and customer support, Holmberg will report to Barnholt and to Alain Couder, Agilent's chief operating officer.

Holmberg will focus Agilent's global sales and marketing teams on company-wide programs and initiatives that enhance revenue and customer satisfaction. On the international front, he will develop strategies for geographic expansion in areas such as China, Central Europe and Latin America, and he will manage the worldwide Country General Manager program.

 

Fifth Annual Keithley Measurement Trends Study Points To Future Industry Directions

Cleveland, Ohio -- Engineers aren't changing much about the types of measurements they make. But they certainly are changing how they're making their measurements. That's one of the conclusions of this year's Measurement Needs Tracking Survey, an annual study conducted by Keithley Instruments. The study, now in its fifth year, is conducted by the company to chart trends and market needs for measurement products and technologies used by engineers and scientists. This year's research, conducted in October, 2000, included comments from 631 respondents, a 16 percent response rate.

While engineers reported many of the same hardware specification needs, they continue to gravitate toward the simplest solutions when analyzing and moving their data. More often than not, they prefer to use solutions that are industry-standard, readily available and simple to use. Engineers in this year's as well as last year's study cited essentially the same needs for speed and resolution. Though each year since 1998 respondents predicted the need for faster measurement speed (greater than 10,000 readings/sec.) and higher resolution (19+ bits, 5-1/2 digits) would double, actual usage at predicted levels hasn't materialized.

That doesn't hold true, however, for accuracy, where predictions that engineers would be making more accurate measurements has, in fact, come to pass. Current usage for high accuracy readings has steadily climbed during the past three years, to 32 percent who currently require readings at 0.10% of full scale. There are twice as many engineers (55 percent) who forecast they'll require this level of accuracy in the next one to three years.

"The consistent yearly increase in accuracy mirrors what we see from our customers in both development labs and on the production floor. High speed and high resolution measurements are critical, but as devices continue to miniaturize and manufacturing quality indices continue to be pressured, our customers increasingly incorporate high-precision instrumentation into their test systems," says David H. Patricy, vice president of the company. For a copy of the survey, access www.keithley.com/whats_new, or call 888-534-8453.

 

Agilent Technologies and Electro Rent to Provide Fast Delivery of Agilent Test Equipment to Rental Customers Throughout North America

PALO ALTO & VAN NUYS, CA - Agilent Chooses Premier Rental Partner Based on Electro Rent's Logistical Reach, Expertise and 36-year History of Delivering Equipment On Time Agilent Technologies Inc. (NYSE: A) has selected Electro Rent as a Premier Rental Partner (PRP) to represent a comprehensive inventory of the latest Agilent test and measurement equipment in the explosive short-term rental market. Agilent chose Electro Rent after a rigorous evaluation of the company's logistical capabilities, technical expertise and commitment to customer satisfaction.

Electro Rent is the largest independent rental company for electronic test equipment in the United States. As part of the Premier Rental Partner Program announced in April, Agilent will support Electro Rent through marketing, lead referrals, fast deliveries, technical expertise, product roadmapping and information on technological trends.

"Under the PRP program, we support a very limited number of rental companies worldwide with very significant resources," said John Boutsikaris, general manager of Agilent's worldwide Channel Partner Unit. "We look for partners whose commitment to service justifies that level of support. Electro Rent has a 36-year history of keeping promises and satisfying customers. When the company makes a commitment to a customer, the equipment arrives on time and the products work when they get there. Electro Rent makes it easy to do business for our customers."

"The relationship between Agilent and Electro Rent represents a fundamental change in the traditional rental industry," said Daniel Greenberg, chief executive officer at Electro Rent. "The equipment manufacturer no longer regards the rental company as an end user, but as a genuine partner in delivering high-quality test instruments to customers. We benefit, because we have access to the resources of the world's leader in electronic test equipment. Agilent benefits because our relationship exposes the Agilent brand to many more customers. And, most of all, customers benefit because they have instant access to the full range of the latest Agilent equipment at very competitive prices."

Wanted: Measurements with Good References

In nearly all types of activities-be they related to manufacturing, finance, health, regulatory affairs or even sports-people and organizations are becoming sticklers for measurement accuracy. But unlike beauty (said to be in the eye of the beholder), accuracy must be judged on the basis of a measurement pedigree-a documented line of descent from accepted standards.

NIST, the nation's measurement authority, has responded to this growing customer need for demonstrable accuracy. It has created an on-line resource-www.nist.gov/traceability-devoted to matters pertaining to the integrally related topic of measurement traceability-whether the result of a specific measurement can be related to accepted international or national standards through an unbroken chain of comparisons.

"More and more of our customers are asking questions about traceability," explains NIST Acting Director Karen Brown. "These range from the most basic-What is it?-to the more complex-How can I judge the credibility of a supplier's claims that his measurements are linked to those developed and maintained by NIST and ultimately to the SI, the International System of Units?"

Factors driving the growth of traceability requirements include increasing world trade, growing reliance on laboratory accreditation as a means of assuring confidence in calibration and test reports, the continuing spread of quality standards and, in some technology areas, a proliferation of regulations.

At the new web site, visitors can read the NIST policy on traceability. They also can review, among other resources, a glossary of terms, answers to an extensive set of frequently asked questions on traceability, examples of relevant NIST measurement programs, and a traceability checklist for users of calibration services. To learn more, visit the NIST traceability web site at www.nist.gov/traceability.

Ray Kammer, Former NIST Director, Engaged as ANSI Consultant

NEW YORK - ANSI is pleased to announce that Ray Kammer, former director of the U.S. Department of Commerce's (DoC) National Institute of Standards and Technology (NIST), will serve as counselor to the ANSI President and Chief Executive Officer effective June 1, 2001.

Dr. Mark Hurwitz, CAE, ANSI president and CEO, stated, "In his new capacity as counselor, Ray will work with ANSI to help the new Administration understand the vital role that standards play in trade, safety and the environment. His experience and achievements at NIST make him a strong advocate for increased public-private sector partnership to advance U.S. interests internationally." Kammer stepped down as NIST director on December 29, 2000, a presidential appointment that he received in 1997. Kammer was nominated by former-President Clinton and began serving in the position two months later following confirmation by the U.S. Senate.

During his 31 years of public service, Kammer was twice deputy director of NIST, and served nearly two years as chief financial officer, assistant secretary for administration and chief information officer for the DoC. He was also deputy under secretary of commerce for oceans and atmosphere as well as chief operating officer of the National Oceanic and Atmospheric Administration.

In 1969, Kammer joined the DoC as program analyst for the National Bureau of Standards, the predecessor to NIST and has held several DoC and NIST management positions involving budgetary and program analysis and planning and personnel management.

Recognized for his contributions to the DoC, Kammer was presented with the Gold and Silver Medals as well as the William A. Jump Award for Exceptional Achievement in Public Administration, the Federal Government Meritorious Executive Award and the Roger W. Jones Award for Executive Leadership. He served as chairman for several important DoC evaluation committees, including reviews of weather monitoring satellite systems, the U.S. LANDSAT program and next generation weather radar systems. In addition, he was a member of the Board of Directors of the American Society for Testing and Materials, a major international society for the development of voluntary standards for materials, products, systems and services.

New NIST Practice Guide on Rockwell Hardness Testing Available

The NIST Recommended Practice Guide: Rockwell Hardness Measurement of Metallic Materials (NIST Special Publication 960-5)-the latest in the new practice guide publication series-is now available. Rockwell is a method-based test primarily used by metals and metal products producers to measure the hardness of metal parts, such as those found in aircraft and automobiles. The new guide is aimed at promoting accuracy and consistency in test results in the laboratory and on the production floor. Offering good practice recommendations, the guide highlights the causes of variability in test results. To help machine operators avoid errors, the guide covers common problems, such as using the correct Rockwell scale, surface preparation, speed of testing, machine verification and environmental factors. As part of its Rockwell hardness standardization program, NIST has developed standard reference material test blocks for the Rockwell C scale, which is used for hard metals, primarily steel. The SRMs are used to calibrate commercial hardness machines. Researchers are working on SRMs for the B scale softer metals, such as aluminum, bronze, copper and brass. NIST also is involved with the American Society for Testing and Materials, the International Standards Organization and the International Committee of Weights and Measures in developing an international reference standard. Responding to a related industry problem, NIST has established a microform calibration system for measuring the geometry of diamond indenters with high accuracy.

To obtain a copy of NIST SP 960-5, contact Public Inquiries, Tel (301) 975-NIST (6478), Web inquiries@nist.gov.

Agilent Technologies Appoints Chris Van Ingen as Senior Vice President and General Manager of Its Chemical Analysis Group

PALO ALTO, CA - Agilent Technologies Inc. has named Chris Van Ingen as senior vice president and general manager of its Chemical Analysis Group (CAG). Van Ingen, most recently vice president of sales, support and marketing for CAG, replaces Rick Kniss, who retired.

A Hewlett-Packard and Agilent employee since 1977, Van Ingen has risen through the CAG organization, serving in a variety of management positions. Prior to his most recent position, he served as manager for the Americas Marketing Center where he established the Channel Partner and direct marketing programs for CAG.

"Chris brings a wealth of knowledge and understanding of our markets and customers to his new role," said Ned Barnholt, Agilent president and CEO. "His philosophy of creating a common vision and his fervent belief in the Agilent culture positions Chris to lead the organization into an era of great opportunity and growth for our company. I'm delighted to have someone of Chris' caliber lead the CAG team."

Agilent's Chemical Analysis Group designs, manufactures and markets analytical instruments and data systems used in the pharmaceutical, bioscience, chemical, food and petrochemical industries worldwide.

Van Ingen, 53, was born in Zeist, The Netherlands. He holds a bachelor's degree in analytical chemistry. He is currently a member of the Supervisory Board of Agilent GmbH.

Fluke Corporation to Acquire Hart Scientific Inc.

EVERETT, WA - Fluke Corporation, part of the Danaher family of companies and a worldwide leader in portable, professional electronic test tools, announced that Danaher intends to acquire Lifschultz Industries Inc., including its wholly owned operating subsidiary, Hart Scientific Inc for about $33 million plus assumption of debt.

Hart Scientific designs, manufactures, and markets scientific and industrial temperature measurement and calibration equipment at its facility in American Fork, Utah.

Under the agreement, Hart will become part of the Fluke Precision Measurement group while continuing to do business as Hart Scientific Inc.

Agilent Technologies Reports 10-Percent Increase in Second Quarter

PALO ALTO, CA - Agilent Technologies Inc. reported a 10-percent increase in revenue but a significant decline in orders and earnings for fiscal 2001's second quarter, which ended April 30. The decline in orders and earnings reflects a dramatic slowdown in the communications and semiconductor markets, as customer demand weakened during the quarter. Weak industry conditions also resulted in about $500 million in order cancellations.

Net revenue grew to $2.7 billion, compared with $2.5 billion in the second quarter a year ago. Orders, after cancellations, were $1.8 billion, a 41-percent decline from last year's strong second quarter and a 37-percent decrease compared to last quarter. Net earnings before goodwill were $51 million, or 11 cents per share -- excluding gains of $269 million on the sale of excess land in San Jose, CA, expenses of $27 million related to the company's planned divestiture of its healthcare solutions business and the taxes associated with these items. In light of weakened demand, the company increased its inventory reserves in Q2 by approximately $100 million above normal, or 15 cents per share. Without this cost, earnings per share would have been 26 cents.

Carl Zeiss IMT Announces New North American Headquarters

MINNEAPOLIS, MN - Carl Zeiss IMT Corporation announced it is building a new North American headquarters-and the industry's most technologically advanced coordinate measurement machine (CMM) manufacturing facility - in Minneapolis, Minnesota.

The new 90,000 square foot campus, scheduled to open in November 2001, will enable Carl Zeiss to maintain its leadership role in manufacturing state-of-the art CMM's.

The new headquarters will house corporate offices, design engineering departments, a larger manufacturing area, and a customer and technician training center. For more information, contact Carl Zeiss IMT Corporation, 7008 Northland Drive, Minneapolis, MN 55428, (800) 752-6181 or visit www.zeiss.com/imt.

Transmation Inc. Reports Fiscal 2001 Year End and Fourth Quarter Results

ROCHESTER, NY - Transmation, Inc., a leading business-to-business distributor, servicer and manufacturer of test, measurement and calibration instrumentation used in industrial markets, announced its financial results for the fiscal year and the fourth quarter ended March 31, 2001.

For fiscal 2001, net income totaled $513,142, or $.09 per basic and diluted share, on sales of $75,568,538. This compares to a net loss of $2,490,110, or $.42 per basic and diluted share, on sales of $79,968,749, for fiscal 2000. The net loss for the prior year was primarily from one-time pre-tax charges relating to inventory write-downs, severance payments, bank charges and uncollectible accounts totaling approximately $3.6 million taken during the second half of fiscal 2000.

For the quarter ended March 31, 2001, the Company reported net income of $655,092, or $.11 per basic and diluted share, on sales of $20,171,317. This compares to a loss of $52,684, or $.01 per basic and diluted share, on sales of $20,349,965 reported one year ago.

FARO Technologies Reports First Quarter Result

LAKE MARY, FL - FARO Technologies, Inc., a leading provider of computer-aided manufacturing measurement solutions, announced that revenues for the quarter ended March 31, 2001 decreased 14.3% to $8.4 million from $9.8 million in the first quarter of 2000. Net loss for the quarter was $1.1 million, or 10 cents per share compared to a net loss of approximately $400,000 or 4 cents per share in the first quarter of 2000.

"While the economic slowdown adversely impacted revenues in the quarter, we are pleased that stronger than expected sales in March allowed us to exceed our forecast," said Simon Raab, president and CEO. "We also took the opportunity in the quarter to complete a large part of our sales force hiring and restructuring plan in the USA. This restructuring plan will ultimately lead to greater territorial coverage and a lower cost sales model going forward."

Gross margin for the first quarter decreased by 0.9% to 59.1% from 60.0% in the first quarter of 2000. Selling, general and administrative expenses for the first quarter of 2001 decreased 2.1% to $4.8 million from $4.9 million a year ago mainly due to lower sales expenses principally composed of sales commissions, partially offset by a slight increase in administrative expenses.

Regionally, sales in the United States for the quarter decreased by 27.7%, from $4.7 million in 2000 to $3.4 million in 2001, while sales in the European countries where the Company has a direct presence -- France, Germany, Spain and the United Kingdom -- decreased by 13.2%, from $3.8 million to $3.3 million. Export sales to other regions, including Japan where the Company recently opened offices, increased by 21.4%, from $1.4 million to $1.7 million.

Danaher Corporation Announces H. Lawrence Culp, Jr's Appointment as Chief Executive Officer

WASHINGTON, DC - Danaher Corporation announced at its annual shareholders' meeting that its Board of Directors has elected H. Lawrence Culp, Jr., formerly the Company's Chief Operating Officer, to serve as the Company's President and Chief Executive Officer and to fill the unexpired portion of Mr. George M. Sherman's term as a Director of the Company through the 2002 shareholders' meeting, effective at the close of business on May 1, 2001. As previously announced, the planned retirement of Mr. Sherman, the Company's former President and Chief Executive Officer, is effective May 1, 2001.

Implemenation of New Accreditation Requirements

NIST Handbook 150, NVLAP Procedures and General Requirements, has been revised to bring NVLAP-accredited laboratories into compliance with ISO/IEC 17025. A full explanation of the intent and purpose of the new Procedures is contained in the foreword of Handbook 150. Laboratories must continue to meet the requirements found in the applicable program-specific handbooks. Effective May 14, 2001, all NVLAP assessments will be conducted using the new General Operations Checklist. Currently accredited laboratories that are assessed prior to May 1, 2002, will have 6 months to resolve a deficiency to a new ISO/IEC 17025 requirement. Any deficiency noted to an old requirement must still be resolved within 30 days of the assessment.

After May 1, 2002, all deficiencies to NIST Handbook 150:2001 must be resolved within 30 days of the assessment. Any new laboratory not currently accredited must comply with the requirements of revised NIST Handbook 150 before obtaining NVLAP accreditation.

When a laboratory has been assessed and found fully compliant to the new Procedures, it will be issued a Certificate of Accreditation that states the laboratory complies with the requirements of ISO/IEC 17025. The revised NIST Handbook 150 and a requirements analysis, which identifies the differences between the 1994 and 2001 editions of Handbook 150, can be found on the Publications/Applications page of this web site. The new General Operations Checklist may be viewed on the Assessor Resources page.

It is expected that the new Handbook will assist the NVLAP-accredited laboratories in expanding business opportunities. NVLAP anticipates that its status as a signatory to the National Cooperation for Laboratory Accreditation (NACLA), the Asia Pacific Laboratory Accreditation Cooperation (APLAC), and the International Laboratory Accreditation Cooperation (ILAC) Mutual Recognition Arrangements will facilitate and increase both domestic and global acceptance for NVLAP-accredited laboratories' test reports and calibration certificates. If you have any questions, please contact NVLAP by email: nvlap@nist.gov.

Metrology Concepts, Inc. Achieves NVLAP Accreditation

ANTIOCH, IL -Metrology Concepts, Inc. received notification from the National Voluntary Laboratory Accreditation Program (NVLAP) that they have been approved for Accreditation to ISO Guide 25 and ISO 9002 and for conformance to ANSI/NCSL Z540-2-1997, NIST Handbook 150 and NIST Tech Note 1297, in the areas of Force and Torque Measurement. Metrology Concepts, Inc. is the first laboratory accredited by NVLAP in Torque Measurement and is also the first company accredited in Illinois. This is an important milestone to Metrology Concepts, Inc. and is another step in their continuing process of measurement improvement.

GenRad Reports Results for First Fiscal Quarter

WESTFORD, MA - GenRad, Inc., a global leader in electronics testing and manufacturing solutions, today reported a net loss of $10.1 million, or $0.35 per share, on revenues of $62.4 million for the first quarter ended March 31, 2001. This compares with net income of $2.3 million, or $0.08 per share, on revenues of $66.4 for the same period in 2000. These results exclude a $3.1 million, or $0.07 per share, pre-tax restructuring charge in 2001, and a $16.5 million, or $0.55 per share, pre-tax unusual items and tax benefit in 2000.

"While first quarters are traditionally weak for GenRad, this first quarter has been especially difficult and is a direct reflection of weak global demand and dramatic slowdown in our customers' businesses," said Robert M. Dutkowsky, GenRad chairman, president and CEO. "Regardless of these challenges, we are working through this extraordinary downturn by investing in and enhancing GenRad's products and services solutions that help our customers gain productivity, competitiveness and profitability. That's our business -- creating solutions for competitive advantage -- and we are carefully creating a stronger, more compelling GenRad."

National Instruments and Siemens Announce Cooperative Initiative

National Instruments and the Automation and Drives Group of Siemens AG announced a cooperative effort to develop measurement and automation solutions for a wide range of applications requiring precise measurement and control of manufacturing processes. The announcement was made at the annual industrial trade fair in Hanover, Germany.

The working relationship brings together Siemens strength in manufacturing automation and control with the leadership of NI in automated test and measurement. Officials from both companies said that this initiative is aimed at enabling engineers to make more sophisticated measurements on their processes and to feed that information back to their control systems. In turn, they can make more informed decisions that ultimately improve overall manufacturing quality and efficiency.

"For many years, NI has embarked on a strategy of taking measurement technology to more diverse applications and industries," said John Graff, NI Vice President of Marketing. "Now, engineers in industries ranging from semiconductor to automotive can improve their overall manufacturing efficiency using these well integrated solutions from Siemens and NI."

Siegfried Oblasser, Siemens Vice President of SIMATIC Systems added, "together, we can offer well integrated industrial measurement solutions to a broad array of industries that already benefit from Siemens control systems."

The initiative begins with integration of National Instruments PC-based industrial measurement products and Siemens leading SIMATIC WinAC PC-based manufacturing automation systems. With time, NI and Siemens plan to develop higher-level measurement and automation solutions that span the entire length of a factory floor or other production facility.

Hathaway Reports Profits for Third Quarter

DENVER, CO - Hathaway Corporation announced it achieved net income before a restructuring charge for the third fiscal quarter ended March 31, 2001, of $304,000, or $.06 per fully diluted share, compared to $225,000, or $.05 per fully diluted share, for the third quarter last year.

Net income for the third quarter after the restructuring charge was $260,000, or $.05 per fully diluted share. The current quarter's results include a pretax charge of $85,000 for the restructuring of the Company's process instrumentation business. Revenues for the third quarter decreased 4% to $11,313,000 this year from $11,767,000 last year.

For the first nine months of fiscal year 2001, the Company recognized a net profit before restructuring charges of $1,416,000, or $.29 per fully diluted share, compared to a net profit of $121,000, or $.03 per share, for the first nine months of last year. Net income for the first nine months after the restructuring charge was $1,040,000, or $.21 per fully diluted share. This year's nine months net income includes a pretax restructuring charge of $526,000. Revenues for the first nine months increased 12% to $35,812,000 in fiscal 2001 from $31,823,000 in fiscal 2000.

The Power and Process segment, comprised of power instrumentation, systems and process instrumentation businesses, reported revenues of $5,481,000 for the third quarter of fiscal year 2001 compared with revenues of $6,983,000 for the same period last year, a 22% decrease. The segment incurred a $979,000 pretax loss for the quarter before the restructuring charge compared with a loss of $970,000 last year. For the first nine months of fiscal 2001, Power and Process reported revenues of $18,676,000 compared to revenues of $18,461,000 last year, a 1% increase, and a $2,042,000 pretax loss before the restructuring charge compared to a pretax loss of $2,297,000 last year, an 11% improvement. Sales order backlog for Power and Process orders was $10,692,000 at March 31, 2001, which is down 6% from the same time last year, primarily reflecting a decline in backlog of large process systems projects.

Emerson Reports Record Second Quarter Sales And Earnings

ST. LOUIS, MO - Emerson achieved record sales, net earnings and earnings per share for the second quarter and first six months of fiscal 2001. The results reflect strong sales increases in the process and network power businesses, as well as widespread strength in international markets.

Net sales for the three months ended March 31, 2001, were $4,103,346,000, an increase of 5 percent over net sales of $3,894,634,000 for the comparable 2000 period. Underlying sales, which excludes acquisitions, divestitures and unfavorable currency translation, grew 6 percent.

Net earnings increased to $358,743,000, from $352,791,000 for the second quarter of fiscal 2000. Earnings per share increased 1 percent to $0.83 per share, compared with $0.82 for the prior year. Earnings per share excluding goodwill amortization increased 2 percent, from $0.90 to $0.92.

Operating cash flow for the quarter was $396,389,000, an increase of 3 percent over $386,442,000 for the second quarter of 2000. First-half sales were $8,022,811,000, an increase of 8 percent over sales of $7,437,975,000 a year ago. Net earnings rose 6 percent to $716,102,000, from $677,667,000. Earnings per share were $1.66, an increase of 6 percent over $1.57. Earnings per share excluding goodwill amortization were $1.83, an increase of 6 percent over $1.72 for the first half of fiscal 2000.

Brown & Sharpe Announces Approval of Hexagon AB Transaction

NORTH KINGSTOWN, R.I. - Brown & Sharpe Manufacturing Company announced at the Special Meeting of Stockholdersing, that the Company's stockholders approved the sale of its worldwide Metrology Business to Hexagon AB of Stockholm, Sweden and all other matters presented to stockholders at the Special Meeting. These other matters included the change of the Company's name to BNS Co., reduction of the par value per share of the Class A Common Stock and Class B Common Stock from $1.00 to $.01 and a one-for-five reverse stock split of the Company's outstanding Class A Common Stock and Class B Common Stock. The record date for the one-for-five reverse stock split will be May 10, 2001.

Following the conclusion of the Special Meeting of Stockholders, the Company completed the closing of the sale of its worldwide Metrology Business to Hexagon AB. The purchase price for the sale of the Metrology Business was $170 million less a cash adjustment based on the terms of the Acquisition Agreement. After the cash adjustment and payment of all U.S. bank debt and long-term senior noteholder obligations, the Company received net proceeds of $70 million. Also in connection with the sale to Hexagon, Hexagon invested $2.5 million in Xygent Inc., the Company's software development subsidiary, in exchange for 16.7% ownership interest in such subsidiary.

 
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