Allied Motion Acquires Manufacturer Spectrum Controls for USD 70m.
MANews-(C)2009-2022
New York-based motion control products provider Allied Motion Technologies Inc. (NASDAQ: AMOT) has acquired Washington-based industrial controls products manufacturer Spectrum Controls, Inc, for USD 70m, the company said.
Of the USD 70m purchase price, USD 45m was paid at closing with a combination of USD 27m in cash and the remainder in the company's common stock at a price of USD 35.82 per share.
The remaining USD 25m will be paid in two equal payments in 2022 and 2023 comprised of 50% cash and 50% stock.
In 2022, Spectrum is expected to be accretive to both Allied's earnings per share and gross margin profile.
The acquisition structure includes a tax election that is expected to offset cash taxes by approximately USD 10m over the next...
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