The sale of Triconex was announced in January, 1995. A year earlier, CEO Bill Barkovitz convinced the Board of Directors, led by Chuck Cole, that it was "Time to serve the wine." The market had factored the rapid growth and the acquisitions of Tri-Sen and Premier Systems into the stock price. The price had peaked, and it was time for a suitor(s). Mr. Barkovitz held an auction, and considered offers from Honeywell (low), Rockwell (distracted), and Tyco (commitment issues). Siebe, a London based controls firm which had purchased Foxboro in 1990, came calling with a newly installed CEO who was making his first major move. Siebe won the auction bid and paid 95 million to add the leader in safety systems to its portfolio. Foxboro executives Dr. Peter Martin and John Eva were among those tasked to evaluate Triconex, and they recommended the firm to compliment it's controls portfolio.
Like the Triconex safety critical controller itself, the sale was as orderly as the flagship product was reliable. Mr. Barkovitz had executed a vision that was not his, but a path that uniquely was.
Wonderware was not sold in 1995, Siebe would purchase them in 1998 for 375 million (including 80 million in cash). However, a transition began in 1995 with founder Dennis Morin and key members leaving, including uber-salesman Jerry Brooks. Co-Founder Phil Huber left the following January. Cole Chevalier joined Triconex founder Jon Wimer at Object Automation. Like the mercurial founder and the improbable rise of Wonderware itself, the transformation and change of leadership was anything but orderly. It was emotional, spectacular, and controversial, ending only after a bruising series of boardroom chess moves. Immediately after Mr. Morin's departure was announced, the stock price plunged.
But why?
The History of a Safer World examines the series of events as the future unfolds into the past.
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