VPG Completes Acquisition of Stress-Tek, Inc.
January 04 2016 - 7:30AM
Business Wire
Vishay Precision Group, Inc. (NYSE:VPG), a leading producer of
precision sensors and systems, today announced that it has
completed its acquisition of Stress-Tek, Inc. of Kent, Washington,
a privately held company. The purchase price was approximately
$20.0 million, which includes the acquisition of real estate valued
at $5.5 million, subject to customary post-closing adjustments. VPG
financed the acquisition through a combination of cash on hand and
borrowings under its credit facility.
Stress-Tek is a designer and manufacturer of state-of-the-art,
rugged and reliable strain gage-based load cells and force
measurement systems primarily servicing the North American market.
Their sensors and display systems are used in a wide range of
industries, predominantly in transportation and trucking, for
timber, refuse, aggregate, mining and general trucking
applications.
In commenting on the acquisition, Marc Zandman, Chairman of the
Board of VPG said, “We are pleased to complete this important step
in implementing our growth strategy.”
Ziv Shoshani, VPG’s Chief Executive Officer said, “Stress-Tek is
an excellent fit for our onboard weighing product line and we are
excited to have them join our company. We hope to leverage
Stress-Tek’s strong reputation and technology to enhance market
share and customer recognition for VPG onboard weighing products on
a global basis.”
Vishay Precision Group, Inc. signed a definitive agreement to
acquire Stress-Tek, Inc. on December 14, 2015.
About VPG
Vishay Precision Group, Inc. (VPG) is an internationally
recognized designer, manufacturer and marketer of: components based
on its resistive foil technology; sensors; and sensor-based systems
specializing in the growing markets of stress, force, weight,
pressure, and current measurements. VPG is a market leader of foil
technology products, providing ongoing technology innovations in
precision foil resistors and foil strain gages, which are the
foundation of the company's force sensors products and its weighing
and control systems. The product portfolio consists of a variety of
well-established brand names recognized for precision and quality
in the marketplace. To learn more, visit VPG at
www.vpgsensors.com.
Forward-Looking Statements
From time to time, information provided by us, including but not
limited to statements in this report, or other statements made by
or on our behalf, may contain "forward-looking" information within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve a number of risks, uncertainties, and
contingencies, many of which are beyond our control, which may
cause actual results, performance, or achievements to differ
materially from those anticipated.
Such statements are based on current expectations only, and are
subject to certain risks, uncertainties, and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, expected, estimated, or
projected. Among the factors that could cause actual results to
materially differ include: general business and economic
conditions, changes in the current pace of economic recovery;
difficulties or delays in completing acquisitions and integrating
acquired companies (including Stress-Tek); the inability to realize
anticipated synergies and expansion possibilities; difficulties in
new product development; changes in competition and technology in
the markets that we serve and the mix of our products required to
address these changes; changes in foreign currency exchange rates;
difficulties in implementing our ERP systems and the associated
impact on manufacturing efficiencies and customer satisfaction;
difficulties in implementing our cost reduction strategies, such as
underutilization of production facilities, labor unrest or legal
challenges to our lay-off or termination plans, operation of
redundant facilities due to difficulties in transferring production
to lower-labor-cost countries; and other factors affecting our
operations, markets, products, services, and prices that are set
forth in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2014. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160104005354/en/
VPGWendy WilsonSenior Director Investor Relations and Corporate
Communications919-374-5501wendy.wilson@vpgsensors.com
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