Allied Motion Acquires Spectrum Controls
AMHERST, N.Y., Jan. 4, 2022 — Allied Motion Technologies, a designer and manufacturer of precision and specialty controlled motion products and solutions, has acquired Spectrum Controls, a manufacturer of industrial inputs and outputs and universal communications gateway products.
The price of the deal is $70 million, of which $45 million was paid at closing with a combination of $27 million in cash and the remainder in common stock at $35.82 per share. The remaining $25 million will be paid in two equal payments in 2022 and 2023 composed of 50% cash and 50% stock.
Allied Motion Chairman and CEO Dick Warzala said, “We believe we can drive growth by leveraging Spectrum’s strong partner relationships with large industrial automation companies, utilizing their global distribution channels, and benefiting from the continued digital transformation around IIoT, AI, and analytics that are driving the increased use of smart factory floor devices.”
Allied Motion announced the acquisition Dec. 31, 2021. It is the company's third acquisition in two months, dating to Nov. 2, 2021 when it acquired ORMEC Systems Corp. Allied Motion also acquired ALIO Industries in November 2021.
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