Zebra Technologies Corp., a Vernon Hills-based manufacturer of bar-code labeling systems, Friday filed with the Securities and Exchange Commission for a proposed initial public offering of 2.84 million class A common shares.
Of the total, 1.74 million shares are to be offered by the company and 1.1 million by selling stockholders. Edward L. Kaplan and Gerhard Cless, both of Northbrook, formed the company in 1969 and are the principal owners. Insiders will retain control through ownership of 9.14 million class B shares. The offering is expected in mid-August at an estimated price of $12 to $14 a share. William Blair & Co. and Robinson-Humphrey Co. will co-manage the underwriting group.
About half the $1.74 million in net proceeds to the firm will be used to reimburse current shareholders for taxes paid on company profits. The rest will be used for general corporate purposes.
Zebra sells to a wide array of manufacturing firms, service businesses and units of government. Sales in 1990 totaled $38 million, up from $30 million a year earlier. Net income last year equaled $6.6 million, up from $5.5 million in 1989.
The company estimates that more than 23,000 of its bar-code printing systems are installed at 5,000 sites around the world, and it said more than half of the Fortune top 100 manufacturing companies use Zebra`s systems. A third of last year`s revenues were generated by overseas customers, Zebra said.
Bar coding is being used increasingly in manufacturing operations as part of inventory control, improved supplier relationships and computer-integrated manufacturing.
