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AMX Acquisition, Expansion Slated

2/16/2005 12:02:00 PM Eastern

Richardson, Texas — Integrated-systems supplier AMX has entered into a definitive agreement to be acquired by an investment company whose holdings include one of the world’s largest suppliers of consumer and commercial garage-door openers and other access-control devices.

The investment company, Duchossois, “acquires and invests in companies with compelling technology and large market opportunities,” an AMX spokeswoman said. Duchossois’ holdings include The Chamberlain Group, the supplier of garage-door openers, and Duchossois Technology Partners, which invests in advanced-technology ventures.

“Going forward, they will work with AMX's current management and employees to grow AMX’s existing business and accelerate our expansion into new markets,” the spokeswoman said. AMX’s management team and employees will remain in Richardson, and the AMX name will be maintained.

“An alliance with Duchossois will significantly accelerate new development programs that will enhance our growing product portfolio,” the spokeswoman said. “Becoming a privately-held company also allows us to more aggressively pursue acquisition opportunities of our own.”

AMX develops products that centrally manageand control audio/video, environmental and communications technologies in residential and commercial applications.

Under the terms of the agreement, AMX shareholders will receive $22.50 per share in cash, or 28 percent more than the average closing price of AMX's common stock for the 90 trading days ended February 14, 2005. The total transaction is valued at about $315 million. The Duchossois affiliate is expected to commence a tender offer for all of AMX's outstanding common stock within the next five business days. The parties expect the sale to be completed during the second quarter.

AMX reported net income of $4.8 million on revenues of $26.5 million for the quarter ended December 31, 2004, compared to net income of $1.4 million on revenues of $21.4 million in the year-ago quarter.

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