Allied Motion Technologies acquires Precision Motor Technology
Denver, CO—Allied Motion Technologies Inc. reports that it recently bought Precision Motor Technology B.V. (Premotec, Dordrecht, Netherlands) for approximately €3.75 million, or $4.5 million, in cash and Allied Motion’s common shares.
Denver, CO— Allied Motion Technologies Inc. reports that it recently bought Precision Motor Technology B.V. (Premotec, Dordrecht, Netherlands) for approximately€3.75 million, or $4.5 million, in cash and Allied Motion’s common shares. Allied Motion manufactures precision and specialty motion control products for applications in many industrial sectors worldwide.
The closing is subject to registration with the U.S. Securities and Exchange Commission of Allied Motion’s stock to be issued as part of the purchase price, as well as each party's compliance with regulatory or government approvals, and customary conditions. The closing is scheduled for 2003’s third quarter.
Premotec has been manufacturing small precision electric motors for more than 30 years. These motors use four different motor technologies: brushless dc, coreless dc, iron core dc, and permanent magnet stepper. The firm also offers synchronous motors and a range of reduction gearboxes tailored to some of these motors. Its products are manufactured at Premotec's facility in the Netherlands and at a contract manufacturing facility in Eastern Europe. Premotec's products are sold to OEM customers in Europe and the U.S. through distributors to smaller OEMs in almost all EEC member nations.
The company’s motors and other products are used in fuel injection systems, bar code readers, laser scanning equipment, HVAC actuators, dialysis equipment, industrial ink jet printers, wastewater treatment, cash dispensers, pharmaceutical dosing systems, textile manufacturing, document handling equipment, and studio television cameras. Premotec had revenues of approximately $10 million in 2003.
'We’re very excited about adding Premotec to Allied Motion,' says Richard Smith, Allied Motion's CEO. 'This acquisition furthers our growth strategy by enabling us to continue to expand our product offerings, engineering capabilities, and involvement with existing and new markets.'
Control Engineering Daily News Desk
Jim Montague, news editor