HOLTSVILLE, N.Y.-Symbol Technologies Inc. will acquire Matrics Inc., which designs and manufactures electronic product code (EPC)-compliant radio frequency identification (RFID) systems, for $230 million.
“The acquisition of Matrics is a significant step in executing our plan to be a leader in RFID and expands our offerings in the advanced data-capture industry,” said William Nuti, Symbol’s president and chief executive officer. “By incorporating the Matrics EPC-compliant RFID products into Symbol’s portfolio of industry-leading mobile computing, advanced data capture and wireless technologies, Symbol can help customers in key market segments gain operational efficiencies in their supply chains and realize competitive advantage.”
Matrics’ products, including RFID readers and tags, are used to track inventory across the supply chain, for compliance in regulated industries, to track airport baggage, and for logistics purposes in the defense sector.
Symbol said it will finance the acquisition with short-term borrowings under a new credit facility. The company expects the transaction to close in the third quarter of this year.
