MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE:VPG), a leading producer of precision
sensors and systems, today announced that it has completed its
acquisition of Stress-Tek, Inc. of Kent, Washington, a privately held
company. The purchase price was approximately $20.0 million, which
includes the acquisition of real estate valued at $5.5 million, subject
to customary post-closing adjustments. VPG financed the acquisition
through a combination of cash on hand and borrowings under its credit
facility.
Stress-Tek is a designer and manufacturer of state-of-the-art, rugged
and reliable strain gage-based load cells and force measurement systems
primarily servicing the North American market. Their sensors and display
systems are used in a wide range of industries, predominantly in
transportation and trucking, for timber, refuse, aggregate, mining and
general trucking applications.
In commenting on the acquisition, Marc Zandman, Chairman of the Board of
VPG said, “We are pleased to complete this important step in
implementing our growth strategy.”
Ziv Shoshani, VPG’s Chief Executive Officer said, “Stress-Tek is an
excellent fit for our onboard weighing product line and we are excited
to have them join our company. We hope to leverage Stress-Tek’s strong
reputation and technology to enhance market share and customer
recognition for VPG onboard weighing products on a global basis.”
Vishay Precision Group, Inc. signed a definitive agreement to acquire
Stress-Tek, Inc. on December 14, 2015.
About VPG
Vishay Precision Group, Inc. (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.vpgsensors.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; difficulties or delays in completing acquisitions and
integrating acquired companies (including Stress-Tek); 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 ERP systems and the associated impact on
manufacturing efficiencies and customer satisfaction; 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
fiscal year ended December 31, 2014. We undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
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VPG
Wendy Wilson
Senior Director Investor Relations and
Corporate Communications
919-374-5501
[email protected]
Source: VPG