MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and systems, based on its resistive foil technology,
today announced it has completed its acquisition of George Kelk
Corporation (“KELK”), of Toronto Canada, a privately held company. The
purchase price was approximately $50 million Canadian, subject to
customary post-closing adjustments. VPG financed the acquisition through
a combination of cash on hand and third party borrowings.
Marc Zandman, VPG’s chairman of the board, said, “We are pleased to
complete this important step in implementing our growth strategy. The
KELK business is a natural fit for us and we expect it to be a key to
our future success.”
In commenting on the acquisition, Ziv Shoshani, VPG’s chief executive
officer, said, “KELK has extensive knowledge of the metals measurement
processing industry and valuable proprietary technology. KELK delivers a
strong potential growth profile with attractive economics, and expands
our geographic and end-market strength in the metals measurement
processing market through a combination of intellectual property,
engineering talent, and new products in the Weighing Control Systems
segment. KELK has established a leading global brand name with a 60 year
legacy for quality and value. We expect to deploy the KELK brand name
and technology to gain greater market share and customer recognition for
VPG products on a global basis.”
Vishay Precision Group signed a definitive agreement to acquire KELK on
December 18, 2012.
About Vishay Precision Group
Vishay Precision Group (VPG) is an internationally recognized designer,
manufacturer and marketer of: components based on its resistive foil
technology; sensors; and sensor-based systems specializing in the
growing markets of stress, force, weight, pressure, and current
measurements. VPG is a market leader of Foil Technology Products,
providing ongoing technology innovations in precision foil resistors and
foil strain gages, which are the foundation of the company’s Force
Sensors Products and its Weighing and Control Systems. The product
portfolio consists of a variety of well-established brand names
recognized for precision and quality in the marketplace. To learn more,
visit VPG at www.vishaypg.com.
Forward-Looking Statements
From time to time, information provided by us, including but not limited
to statements in this report, or other statements made by or on our
behalf, may contain "forward-looking" information within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks, uncertainties, and contingencies, many of
which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from those anticipated.
Such statements are based on current expectations only, and are subject
to certain risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, expected, estimated, or projected. Among the factors
that could cause actual results to materially differ include: general
business and economic conditions, changes in the current pace of
economic recovery, including if such recovery stalls or does not
continue as expected; difficulties or delays in completing acquisitions
and integrating acquired companies and businesses, including KELK, the
inability to realize anticipated synergies and expansion possibilities,
difficulties in new product development; changes in competition and
technology in the markets that we serve and the mix of our products
required to address these changes; changes in foreign currency exchange
rates; difficulties in implementing our cost reduction strategies such
as underutilization of production facilities, labor unrest or legal
challenges to our lay-off or termination plans, operation of redundant
facilities due to difficulties in transferring production to
lower-labor-cost countries; and other factors affecting our operations,
markets, products, services, and prices that are set forth in our annual
report on Form 10-K for the year ended December 31, 2011. We undertake
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
Vishay Precision Group, Inc.
Wendy Wilson, Senior Director Investor
Relations
919-347-5501
[email protected]
Source: Vishay Precision Group, Inc.