Allied Motion Technologies Completes Acquisition of Heidrive
AMHERST, N.Y., Jan. 12, 2016 (GLOBE NEWSWIRE) -- Allied Motion Technologies Inc. (NASDAQ:AMOT), a global designer and manufacturer of motion control products, announced today that it has completed the acquisition of Heidrive GmbH, a drive technology and engineering company for €20 million (approximately US$22 million). Allied Motion announced on December 23, 2015 that it had signed an agreement to purchase Heidrive.
Headquartered in Kelheim, Germany, Heidrive designs and manufactures customized, innovative synchronous motion systems for highly demanding applications from medical technology and robotics to cargo aviation and building technologies, as well as various commercial applications. Its products include a variety of motors, gears and electronic controls. Heidrive has approximately 220 employees with manufacturing facilities in Kelheim and Mrakov, Czech Republic. Heidrive expects 2015 revenue of approximately €29 million (US$32 million), up about 8% from the prior year, and total assets at December 31, 2015 are anticipated to be approximately €10 million (US$11 million). The acquisition is expected to be immediately accretive to Allied Motion.
“This acquisition brings us a well-managed, focused organization that is strategically aligned with Allied Motion and will provide us with many opportunities to advance our growth strategy through new markets, customers, products and capabilities,” commented Richard S. Warzala, Allied Motion’s Chairman and Chief Executive Officer. “Heidrive brings complementary product lines and additional technical competencies in customized motor and system solutions while expanding our sales footprint and customer base in the German market. Heidrive also provides an efficient operational presence in Germany and the Czech Republic that will further enhance our global production capabilities.