Allied Motion Technologies acquires Spectrum Controls
Allied Motion Technologies has acquired Spectrum Controls Inc., a manufacturer of a wide variety of Industrial I/O and universal communications gateway products.
The purchase price was $70 million, of which $45 million was paid at closing with a combination of $27 million in cash and the remainder in the company’s common stock at a price of $35.82 per share. The remaining $25 million will be paid in two equal payments in 2022 and 2023 comprised of 50 percent cash and 50 percent stock.
“Spectrum has a long history of innovation, partnership, and customized customer fulfillment, and we are excited to welcome the entire Spectrum team to the Allied family. This acquisition is an excellent strategic fit and provides us with a tremendous opportunity to enhance our position as a value-added solutions supplier to the industrial automation and industrial controls market,” said Dick Warzala, chairman and CEO. “In addition, Spectrum enhances our customer base, adds significant engineering resources and has the technology and know-how to provide solutions that meet the system requirements of Functional Safety.”
Bruce Wanta, founder and president of Spectrum, stated, “Allied has built an impressive organization. We believe that given their strong leadership team and their One Allied culture, we have found the ideal partner to successfully execute on the many strategic initiatives and opportunities we have in front of us. We look forward to a bright future together.”
Founded in 1983 and headquartered in Bellevue, Washington, Spectrum designs and manufactures a wide range of I/O modules, marquee displays, and industrial gateways for broad industrial controls applications through partnerships with PLC manufacturers and distributors.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Industrial Supply Co. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
