Combination enables deeper reach into medical, A&D, semiconductor and robotics
AMHERST, N.Y.–(BUSINESS WIRE)–Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or the “Company”), a designer and manufacturer of precision and specialty controlled motion products and solutions for the global market, announced today that it has reached a merger agreement with ThinGap, a leading developer and manufacturer of high performance, zero cogging slotless motors for use in applications that require precise motion in a compact, yet high-torque-to-volume solutions. Key current markets for ThinGap include aerospace, defense, and medical.
“ThinGap’s market leading products expand our precision motion capabilities while advancing our strategy to provide integrated motion solutions for demanding applications. We will include the ThinGap products in our total solution set and expand the growth opportunities through the utilization of the existing sales and support channels of Allied Motion. We expect to leverage the full capabilities of both businesses to improve productivity, quality and cost to deliver even greater value for our customers,” commented Dick Warzala, Chairman and CEO of Allied Motion. “We also see the potential to advance our total solution capability in the robotics, semiconductor and instrumentation markets where the key motor characteristics are well suited for the high precision, smooth motion requirements in these exacting applications.”
John Baumann, CEO of ThinGap, commented, “The ThinGap and Allied Motion combination is powerful, and I am excited for what we can accomplish together. ThinGap’s highly engineered products and focus on top tier OEM customers will benefit from Allied’s complementary product offerings, broad sales channels and volume manufacturing capabilities. In turn, ThinGap contributes our patented slotless technology and proven track record of motor design, quick-turn production and sustaining support for key customers in critical markets.”
Based in Camarillo, California, ThinGap designs, engineers and manufacturers low profile, brushless DC motor kits and assemblies that utilize a proprietary wave-wound stator architecture and highly optimized rotors. ThinGap’s motors come in a wide range of sizes, output power and form-factors ideally suited for high-end applications, such as satellites, airborne systems, optics platforms, test equipment and medical robotics.
Mr. Warzala concluded, “We welcome the entire, very capable team of ThinGap to the Allied family. We are very excited to leverage our common performance-driven cultures and expect the engagement of every individual to create additional value for our customers. Adding ThinGap is another example of how Allied is continuing its development as a major force in the precision controlled motion industry.”
Terms of the acquisition agreement were not disclosed. The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions.
About Allied Motion Technologies Inc.
Allied Motion (Nasdaq: AMOT) designs, manufactures and sells precision controlled motion products and solutions used in a broad range of applications within the Vehicle, Medical, Aerospace & Defense, Electronic, and Industrial Markets. Headquartered in Amherst, NY, the Company has global operations and sells into markets across the United States, Canada, South America, Europe and Asia-Pacific.
Allied Motion is focused on controlled motion applications and is known worldwide for its expertise in electro-magnetic, mechanical, and electronic controlled motion technologies. Its products include nano precision positioning systems, servo control systems, motion controllers, digital servo amplifiers and drives, brushless servo, torque, and coreless motors, brush motors, integrated motor-drives, gear motors, gearing, incremental and absolute optical encoders, active (electronic) and passive (magnetic) filters for power quality and harmonic issues, Industrial safety rated I/O Modules, Universal Industrial Communications Gateways 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 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 the Company makes regarding its ability to close and realize the potential benefits of the ThinGap acquisition and to successfully integrate its operations; expected rates of growth and capturing market opportunities. 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, the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses, and on global supply chains; our inability to predict the extent to which the COVID-19 pandemic and related impacts will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives, the ability to attract and retain qualified personnel, the ability to successfully integrate an acquired business into our business model without substantial costs, delays, or problems, 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.
Contacts
Investor Contact:
Deborah K. Pawlowski
Kei Advisors LLC
Phone: 716-843-3908
Email: dpawlowski@keiadvisors.com
