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Topcon Agrees to Purchase Hayes Instrument

May 10, 2007
Topcon Positioning Systems Inc. announced it has signed a binding agreement to acquire one of the company's top survey products distributors, Hayes Instrument Company of Shelbyville, Tenn.

LIVERMORE, CA -- Topcon Positioning Systems, Inc., (TPS) announced it has signed a binding agreement to acquire one of the company's top survey products distributors, Hayes Instrument Company of Shelbyville, Tenn. The agreement includes an all-cash purchase for an undisclosed amount.

Hayes, which has been in business for almost 25 years, has represented Topcon surveying products in Tennessee, Alabama, Kentucky, Mississippi, and Arkansas. It is also one of Topcon's 13 regional repair centers in the U.S.

TPS also announced it would expand Hayes' territory to include Georgia and South Carolina. The company plans to open a new retail store in Atlanta by the end of June. Additional store openings are under consideration and any new stores will represent the complete line of Topcon optical surveying and GPS products.

In announcing the sale, Eddie Clanton, Hayes' president and CEO, said, "The precise positioning industry is advancing rapidly. The technology is allowing more productivity for every surveyor, but the business is also becoming more complex. The future success of any instrument business is in providing immediate local support and aggressive training and service programs.

"We realized the future of the instrument business is in brick-and-mortar--more locations to better serve customers," he said. "This requires a substantial investment that only a company like Topcon can provide. Topcon has the resources and the people to take what we have worked hard to build and quickly increase the business by expanding our staff."

Clanton said, "The decision to work with Topcon is a win-win situation for our staff, our customers, our family and Topcon. The company has a long history of developing the most innovative products--including an amazing 13 new products announced just last month – and it is dedicated to providing exemplary support after the sale."

Clanton said he was "proud of what we have been able to build at Hayes and I'm excited to be a part of this new opportunity. I look forward to working with Topcon to build the business for years to come."

Ray O'Connor, TPS president and CEO, said, "For years Hayes Instrument has consistently been at the top level of Topcon distributors. Eddie Clanton and his entire staff know and appreciate Topcon's comprehensive line of precise positioning instruments. I'm proud that Eddie has agreed to stay on as president and CEO of Hayes Instrument."

Additionally, O'Connor said, "Hayes' customers repeatedly rated the company as a professional, customer-oriented organization that cared about customers' needs on every level. That speaks volumes about the leadership of Eddie, as well as the professionalism of his entire staff."

"The future of our business is local dealers taking care of local customers and no one does it better than the folks at Hayes," he said.

"The entire Topcon family is looking forward to not only working with Eddie and his staff to expand the business, but to further expand the company's extensive local distribution network.

Source: Topcon, May 9, 2007