MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and systems, today announced that it has entered into
a definitive agreement to acquire Pacific Instruments of Concord,
California, a privately held company. The acquisition is expected to
close promptly, subject to the satisfaction of customary conditions.
Pacific Instruments is a designer and manufacturer of high‐performance
data acquisition systems. They have extensive experience integrating
large, high performance data acquisition and control systems, selling
primarily to the aerospace, commercial aviation and defense markets,
mainly in the U.S. The company provides installation, facility
integration, training and on-going technical support for their
manufactured products.
In commenting on the acquisition, Marc Zandman, Chairman of the Board of
VPG said, “We are excited about this acquisition, as it adds a superior
product line to our existing portfolio.”
Ziv Shoshani, VPG’s chief executive officer said, “Pacific Instruments’
products provide an excellent extension to our Foil Technology segment,
which already offers data acquisition systems, primarily in the field of
strain measurement. Pacific has extensive experience integrating large,
high performance data acquisition and control systems for government and
commercial customers, mainly in the U.S. This combination allows us to
bring Pacific Instruments’ premier measurement systems to an expanded
geographic and market footprint in Europe and Asia, while significantly
improving the engineering capabilities we can bring to our customers for
the product segment.”
Mr. Shoshani added, “Pacific Instruments’ testing equipment has broader
physical measurement capabilities, as their systems cover structural
stress and strain analysis with a higher sample rate, higher channel
count, higher data throughput and can operate in harsh test environment
than our current products. Pacific Instruments has a long standing
history of developing and maintaining strong relationships with its
customers.”
The purchase price for this business is approximately $11.0 million,
subject to customary post-closing adjustments. VPG will finance the
acquisition through a combination of cash on hand and third party
borrowings. Pacific Instruments experienced an average of approximately
$9.0 million in annual net sales and an average of approximately $2.8
million in annual EBITDA over the last two years.
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 it’s 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
(including the acquisitions of Stress-Tek and Pacific Instruments) and
integrating acquired companies; 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, 2015. 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