- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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