Allied Motion Technologies Inc.
(NASDAQ: AMOT) announced today that, effective Friday, October 18, 2013, it completed the acquisition of Globe Motors, Inc. from Safran USA, Inc., on a cash free, debt free basis, for approximately $90 million in cash.
Founded in 1940, Globe Motors employs more than 500 employees worldwide and is headquartered in Dayton, Ohio with additional operations in Dothan, Alabama, Reynosa, Mexico and Oporto, Portugal. Globe Motors has a well-established and strong industry reputation as a high quality provider of customized and innovative motion solutions to meet the needs of its customers in selected target market segments. Globe Motors recorded revenues of approximately $106 million for the year ended December 31, 2012 and approximately $114 million for the trailing twelve month period ended September 30, 2013. Allied Motion expects to provide unaudited pro-forma earnings for Globe Motors with the release of its 2013 third quarter results currently planned for Tuesday, November 12, 2013. Allied Motion will file audited consolidated financial statements of Globe and its subsidiaries in an amendment to Form 8-K to be filed no later than January 3, 2014.
As stated when the acquisition was announced, “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,” commented Dick Warzala, President and Chief Executive Officer of Allied Motion. “Strategically, Globe fits very well with our company, as it creates critical mass and expands our global reach while providing the opportunity for us to leverage the combined technology/know-how, sales and marketing channels, material sourcing and production capabilities/footprint of both companies. While there is some overlap in technology and in the customer base, the companies are very complementary to each other and will provide additional market diversification and cross-selling opportunities for the combined entity in the future. We are enthusiastic about the prospects of our company and confident that the utilization of Allied Systematic Tools will lead us to continuous improvements in Quality, Delivery, Cost and Innovation and will create significant value in the future for all stakeholders of both Globe and Allied. Last but not least, we at Allied Motion are excited to have the very professional and experienced management team and employees of Globe join the Allied Team as we continue our journey in providing
Motion Solutions That Change the Game
and create significant value for our customers in our served market segments.”
About Allied Motion Technologies Inc.
Headquartered in Amherst, New York, 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.