Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion,”
“Allied” or the “Company”), a designer and manufacturer that sells
precision and specialty controlled motion products and solutions to
the global market, announced that it has acquired Dynamic Controls
Group (“Dynamic Controls”), a wholly owned subsidiary of Invacare
Corporation, a market-leading designer and manufacturer of
equipment for the medical mobility and rehabilitation
markets. The transaction was completed on March 7, 2020.
“This acquisition is a clear demonstration of executing the One
Allied strategy to provide innovative, fully integrated controlled
motion solutions for our customers. Dynamic Controls brings strong
leadership and a very experienced electronics and software
engineering design team that provides market leading electronic
control solutions for the medical mobility and rehabilitation
markets. Their product suite and solutions will further strengthen
our medical market position around patient mobility and
rehabilitation, as well as enable us to further develop higher
level solutions with embedded electronics across our other major
served markets. Importantly, the acquisition also expands
Allied’s Global Electronics Team and provides additional resources
which can be leveraged across all our markets,” commented Dick
Warzala, Chairman and CEO.
With the acquisition of Dynamic Controls, Allied continues to
build out its ability to leverage controlled motion system
solutions in a wide range of markets. The integration of multiple
system elements that are designed and manufactured by Allied,
including controls, motors, drives, feedback and gearing, leverages
a strength of the Company, while improving the overall value
proposition for its customers. Allied further enhances the value
proposition through its expanding global manufacturing footprint
and its ability to service customers from within the geographic
markets they currently reside.
Matt Monaghan, Chairman, President and Chief Executive Officer
of Invacare Corporation said, “We believe closer integration of
Allied Motions’ electromotive technologies with Dynamic Controls
electronic control capabilities will help us accelerate technical
advances in power wheelchairs. We expect this partnership can
deliver on many opportunities that will enable Invacare’s products
to continue to improve patient care. We look forward to working
closely with Allied Motion to discover new levels of innovation in
patient mobility and respiration.”
Mr. Warzala concluded, “Post the acquisition, we are excited to
work closely with Invacare to provide them with leading-edge
technology/solutions that will accelerate their ability to focus on
their core strengths and further improve patients’ quality of
life.”
Founded in 1973, Dynamic offers a comprehensive line of high
functionality electronic control systems for power mobility
products to customers in North America, Europe and the Asia Pacific
region. Its products include controllers for power
wheelchairs and scooters, and ancillary product and service lines
such as programming and diagnostic applications as well as printed
circuit boards. Their well-established customer base consists
of leading mobility brands, large OEMs and contract
manufacturers.
Dynamic has approximately 200 employees with facilities in
Christchurch, NZ, Kidderminster, UK, and Suzhou, ROC.
About Allied Motion Technologies Inc.
Allied Motion (Nasdaq: AMOT) designs, manufactures and sells
precision and specialty controlled motion products and solutions
used in a broad range of industries within our major served
markets, which include Vehicle, Medical, Aerospace & Defense,
and Industrial. Headquartered in Amherst, NY, the Company has
global operations and sells into markets across the United States,
Canada, South America, Europe and Asia.
Allied Motion is focused on controlled motion 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, active (electronic) and
passive (magnetic) filters for power quality and harmonic issues,
and other controlled motion-related products.
The Company’s growth strategy is focused on being the controlled
motion solutions leader in its selected target markets by
leveraging its “technology/know how” to develop integrated
precision 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/.
Safe Harbor Statement The statements in this news release
that relate to future plans, events or performance are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate, or imply future results, performance,
or achievements. Examples of forward-looking statements include,
among others, statements concerning Dynamic’s business
complementing and expanding Allied Motion’s existing operations;
growth prospects; other potential benefits and synergies of the
transaction; statements the Company makes regarding expected
operating results, anticipated levels of capital expenditures, the
Company’s belief that it has sufficient liquidity to fund its
business operations, expectations regarding income tax rates and
expectations with respect to the conversion of backlog to sales.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
the Company’s current beliefs, expectations and assumptions
regarding the future of the Company’s business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of the Company’s
control. The Company’s actual results and financial condition may
differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from
those indicated in the forward-looking statements include, among
others, general economic and business conditions, conditions
affecting the industries served by the Company and its
subsidiaries, conditions affecting the Company's customers and
suppliers, competitor responses to the Company's products and
services, the overall market acceptance of such products and
services, the pace of bookings relative to shipments, the ability
to expand into new markets and geographic regions, the success in
acquiring new business, the impact of changes in income tax rates
or policies and other factors disclosed in the Company's periodic
reports filed with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise over time, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. The Company has no obligation
or intent to release publicly any revisions to any forward looking
statements, whether as a result of new information, future events,
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200309005259/en/
Company Contact: Sue Chiarmonte Allied Motion
Technologies Inc. Phone: 716-242-8634 x602 Email:
sue.chiarmonte@alliedmotion.com
Investor Contact: Deborah K. Pawlowski Kei Advisors LLC
Phone: 716-843-3908 Email: dpawlowski@keiadvisors.com
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