British Company to Buy Triconex for $90 Million : Acquisition: Engineering firm Siebe PLC will take over the Irvine maker of industrial safety systems.
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IRVINE — Triconex Corp. said Monday it has agreed to be acquired by Siebe PLC, Britain’s largest engineering company, for $17.75 a share, or about $90 million.
Triconex, based in Irvine, makes safety shutdown systems for the chemical, refining, oil and gas production and utility industries. Siebe makes industrial and electronic equipment such as process and safety controls.
Triconex’s board of directors voted unanimously to accept Siebe’s cash tender offer.
In Monday’s Nasdaq trading, Triconex stock closed at $17.375 a share, up 44 cents.
Triconex Chairman William K. Barkovitz said the deal will give Triconex access to Siebe’s “extensive worldwide sales, service and manufacturing resources. . . . We feel confident that these synergies will fuel the growth of the Triconex business to a new level.”
Triconex, founded in 1983, recently reported a $1.6-million profit on $13.3 million in revenue for the third quarter.
About 90 of Triconex’s 280 employees work in Orange County. No layoffs are anticipated after the deal is completed.
“Siebe has a stated intention of running Triconex as a separate, stand-alone subsidiary, so it will not impact employment,” said Triconex spokesman Charles W. McBrayer.
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