Allied Motion Technologies Completes Acquisition of Heidrive
January 12 2016 - 9:30AM
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. We
further expect to leverage the products and capabilities of the
combined company to enhance revenue growth through our One Team
sales network around the world.”
About Allied Motion Technologies Inc.
Headquartered in Amherst, NY, Allied Motion designs,
manufactures and sells motion control products into applications
that serve many industry sectors. Allied Motion is a leading
supplier of precision and specialty motion control components and
systems to a broad spectrum of customers throughout the world.
The Company routinely posts news and other important
information on its website at http://alliedmotion.com.
Safe Harbor Statement
Allied Motion makes forward-looking statements in this news
release that represent its expectations or beliefs about future
events and financial performance. Forward-looking statements
are identifiable by words such as “believe,” “anticipate,”
“expect,” “intend,” “plan,” “will,” “may” and other similar
expressions. In addition, any statements that refer to
expectations, prospects, projections or other characterizations of
future events or circumstances are forward-looking statements.
Forward-looking statements made in this news release,
include, but are not limited to, statements concerning: Heidrive’s
business complementing and expanding Allied Motion’s existing
operations; growth prospects; other potential benefits and
synergies of the transaction. Forward‑looking statements
involve known and unknown risks and uncertainties that may cause
actual results of the Company to differ materially from the
forward‑looking statements.
You are cautioned not to place undue reliance on these
forward-looking statements. These forward-looking statements
are not guarantees of future events and involve risks,
uncertainties and other known and unknown factors that may cause
actual results and performance to be materially different from any
future results or performance expressed or implied by such
forward-looking statements, including, but not limited to, general
economic conditions and conditions affecting the industries in
which Allied Motion and Heidrive operate; Allied Motion's ability
to successfully integrate Heidrive’s operations and employees with
Allied Motion's existing business; the ability to realize
anticipated growth, synergies and cost savings; and Heidrive’s
performance and maintenance of important business
relationships.
Allied Motion makes no commitment to revise or update any
forward-looking statements to reflect events or circumstances
occurring or existing after the date of any forward-looking
statement.
Company Contact:
Sue Chiarmonte
Allied Motion Technologies Inc.
Phone: 716-242-8634 x602
Email: sue.chiarmonte@alliedmotion.com
Investor Contact:
Deborah K. Pawlowski
Kei Advisors LLC
Phone: 716-843-3908
Email: dpawlowski@keiadvisors.com
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