Allied Motion Acquires Spectrum Controls For $70M

Allied Motion Technologies Inc. AMOT has acquired Spectrum Controls, Inc. for $70 million, of which $45 million was paid with a combination of $27 million in cash and the remainder in shares at $35.82 per share.
The remaining $25 million will be paid in two equal payments in 2022 and 2023, comprised of 50% cash and 50% stock.
Bellevue, Washington-based Spectrum manufactures various Industrial I/O and Universal Communications Gateway products. With approximately 72 employees, Spectrum serves industrial automation projects and specialty applications.
Allied Motion expects Spectrum to be accretive to its EPS and gross margin profile in 2022.
The company held cash and cash equivalents of $19.2 million as of September 30, 2021.
Price Action: AMOT shares are trading higher by 4.73% at $36.94 on the last check Friday.