Acquires provider of advanced precision motor technology and precision motion control solutions to OEM equipment suppliers --- Expands GSI's presence in the precision motion control market while deepening its penetration of existing customers in advanced industrial and medical end markets
BEDFORD, Mass., Feb.12, 2015 -- GSI Group Inc. (NASDAQ: GSIG) (the "Company", "we", "our", or "GSI"), a global leader and supplier of precision photonics and motion control components and subsystems to the medical equipment and advanced industrial technology markets, today announced that it has reached an agreement to acquire Applimotion Inc., a Loomis, California-based provider of advanced precision motor and motion control technology to original equipment manufacturers ("OEMs") for advanced industrial and medical markets, for $13 million in cash, subject to customary working capital adjustments. The transaction is expected to close in February 2015.
The acquisition enhances GSI's strategic position in precision motion control by enabling GSI to offer a broader range of motion control technologies and integrated solutions. The Applimotion business will be integrated into the Company's MicroE Systems business line, a leading provider of position measurement technologies in the precision motion control market. Applimotion specializes in motor applications that require highly precise and dynamic motion control.
"We believe the combination of Applimotion and GSI's MicroE Systems businesses represent a compelling combination of technology and application expertise enabling GSI to better drive differentiated performance for our customers while enhancing the Company's organic growth," said John Roush, Chief Executive Officer of GSI. "The founders of Applimotion have built an excellent franchise. The addition of the Applimotion technology and expertise broadens our capabilities and increases our penetration at existing customers in the growing precision motion control space, in applications such as surgical and industrial robotics, automation, and metrology," added Mr. Roush.
MicroE Systems has been designing miniature encoder products and working closely with OEMs to engineer highly optimized precision motion control solutions in the most demanding applications for over 20 years. MicroE Systems offers its customers a wide range of miniature optical encoders, a depth of application expertise and proven reliability. Applimotion has been designing and producing direct drive rotary motors, linear motors and actuators for over 15 years. Applimotion's product offerings and applications expertise enable its customers to achieve increased levels of performance and reliability.