Allied Motion to acquire Globe Motors
Allied Motion Technologies has entered into a definitive agreement to acquire Globe Motors Inc. from Safran USA for approximately $90 million in cash.
The transaction is expected to close within 60 days.
Founded in 1940, Globe Motors employs more than 500 employees worldwide and is headquartered in Dayton, Ohio with additional operations in Dothan, Ala., Reynosa, Mexico and Oporto, Portugal. For 2012, Globe recorded revenues of approximately $106 million.
“Globe Motors has a solid financial track record that will be accretive to our earnings and will also more than double the size of Allied Motion in terms of revenues,” said Dick Warzala, president and chief executive officer of Allied Motion.
Warzala added that while there is some overlap in technology and in the customer base, the companies are complementary to each other and will provide additional market diversification and cross-selling opportunities.
INDUSTRIAL SUPPLY MAGAZINE
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