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Motion control product manufacturer Allied Motion Technologies Inc. (NASDAQ: AMOT), Denver, CO, has agreed to buy Östergrens Elmotor AB, Solna, Sweden. The amount to be paid at closing is SEK 55 million (US$8 million).
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“This acquisition furthers our growth strategy by enabling us to expand our geographic coverage and our technical capabilities to compete more effectively in both our existing and additional new markets by approaching each application from a complete 'Motion Control Solution,'" said Dick Warzala, president and CEO of Allied Motion.
Östergrens has extensive expertise in designing drive electronics, software and mechanical processes, according to a news release. Current products integrate electronics expertise with other motion control products such as motors and gears. The company's products are sold to OEM customers throughout Europe and are used in industrial, commercial and medical applications. For 2009, Östergrens had revenues of US$15 million.
Östergrens has 40 employees in Europe and 18 employees at their facility in Changzhou China.