The newly acquired Telex is to be placed under the leadership of the Bosch Security Systems division. A definitive agreement was signed between both parties that includes the assumption of Telex indebtedness, subject to post-closing adjustments.
The agreement also provides for the satisfaction and discharge of publicly held indebtedness of Telex and its affiliates. The agreement was approved by the board of directors of Telex and the board of management of Bosch.
In addition, the agreement has also been approved by a required percentage of Telex’s voting stockholders. According to Bosch, U.S.-based Telex posted $308 million in sales worldwide for 2005. Telex employs 2,000 individuals in nine countries.
