| For Immediate Release | Contact: Robert Goehring |
| May 2, 2001 | (860) 648-8041 |
|
Gerber Coburn to Remain Business Segment of Parent Company SOUTH WINDSOR, CT – Gerber Scientific, Inc. (NYSE: GRB) today reported it has completed its previously announced review of strategic alternatives for its optical lens processing unit, Gerber Coburn. Based on this review, Gerber Scientific Inc. has determined that Gerber Coburn will remain a business segment of the Company. "Since last September, we have been exploring and evaluating, with the assistance of an investment banker, numerous options for Gerber Coburn, including possible sale, merger, or partnering with another business," said Michael J. Cheshire, Gerber Scientific's chairman and chief executive officer. "Following extensive review and discussions with potential strategic and financial parties, our board of directors concluded that retaining the business is in the best interests of the Company." Cheshire went on to say, "Gerber Coburn has been a solid performer in a difficult market. The company has focused on introducing innovative products that differentiate it from its competitors and clearly define the company as a technology leader. Additionally, Gerber Coburn has taken a number of steps to align its costs more closely to market conditions while investing substantially in new product development and customer support and services. We will continue to invest in the optical segment at levels consistent with achieving business objectives and are optimistic about Gerber Coburn's ability to achieve even better results going forward." Gerber Scientific had previously noted that any cash received in a transaction would have been used to repay debt. The Company is currently pursuing other asset sales to achieve this objective. Gerber Scientific Inc. provides high technology systems and solutions that enable mass customization in diverse industries. Headquartered in South Windsor, Conn., Gerber Scientific is the world leader in three core markets - sign making and specialty graphics, apparel and flexible materials, and optical lens processing - which it serves through four wholly owned subsidiaries: Gerber Scientific Products, South Windsor, Conn.; Spandex PLC, Bristol, England; Gerber Technology, Tolland, Conn.; and Gerber Coburn Optical Inc., South Windsor, Conn. In addition, the company recently entered the packaging industry through its newly formed Gerber Innovations division, Manchester, Conn., and is currently bringing a new concept in point-of-sales merchandising to U.S. retailers via SignStorey Inc., Tolland, Conn. Gerber Scientific employs about 2,700 globally.
|