Revenue for the application is expected to begin ramping up in 2020 and be substantially completed in 2027 at an estimated average of $12 million to $13 million in revenue per year.
AMHERST, N.Y.--(BUSINESS WIRE)--Allied Motion Technologies Inc. (NASDAQ:AMOT) ("Company"), a global designer and manufacturer of motion control products and solutions, announced that it recently won the nomination for an approximate $90 million award to provide a customer-specific solution for the Company's Vehicle market in Europe. Revenue for the application is expected to begin ramping up in 2020 and be substantially completed in 2027 at an estimated average of $12 million to $13 million in revenue per year.
"This win is a testament to the effectiveness of the growth investments we have made in our sales and technical resources. It also demonstrates the industries' recognition of our leading expertise for developing highly reliable solutions that provide the critical functionality expected for these applications," commented Dick Warzala, Chairman and CEO of Allied Motion. "This significant award for our Vehicle market validates our strategy and further demonstrates the strength of the Allied Motion brand on a global basis."
Allied Motion began working on this opportunity in mid-2014.
About Allied Motion Technologies Inc.
Allied Motion (NASDAQ:AMOT), designs, manufactures and sells precision and specialty motion control components and systems used in a broad range of industries within our major served markets, which include Vehicle, Medical, Aerospace & Defense, and Industrial/Electronics. The Company is headquartered in Amherst, NY, has global operations and sells into markets across the United States, Canada, South America, Europe and Asia.
Allied Motion is focused on motion control applications and is known worldwide for its expertise in electro-magnetic, mechanical and electronic motion technology. Its products include brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, integrated brushless motor-drives, gear motors, gearing, modular digital servo drives, motion controllers, incremental and absolute optical encoders, and other associated motion control-related products.
The Company's growth strategy is focused on becoming the motion solution leader in its selected target markets by leveraging its "technology/know how" to develop integrated precision motion solutions that utilize multiple Allied Motion technologies to "change the game" and create higher value solutions for its customers. The Company routinely posts news and other important information on its website at http://www.alliedmotion.com/.