Irvine’s Triconex Buys Texas Firm
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IRVINE — Triconex Corp., a maker of computer-based industrial safety and control systems, said Friday that it has acquired a Houston company for $8 million in cash in an effort to expand its products and service.
The Irvine company bought Tri-Sen Systems Inc., a maker of control systems for large turbines, with money raised in last year’s initial public offering. Triconex collected about $17 million in proceeds from the $26 million it raised last year.
The purchase price can increase under a formula that provides incentives for the Tri-Sen division to meet or exceed revenue targets through September, 1994.
Tri-Sen had sales of $12 million last year. Triconex earned $4.4 million last year on $29 million in revenue.
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