AMETEK Finalizes FARO Technologies Acquisition

AMETEK, Inc. has completed its acquisition of FARO Technologies, Inc. for $44 per share in cash, or approximately $920 million, net of cash acquired. Completion of the transaction follows approval from FARO shareholders and receipt of all regulatory approvals. As a result of the merger completion, common stock of FARO will cease being listed for trading on Nasdaq.

 

“We are pleased to announce the closing of this highly strategic acquisition and are excited to welcome the FARO Technologies team to AMETEK,” says David A. Zapico, AMETEK chairman and chief executive officer. “FARO’s leadership in 3D metrology and digital reality solutions enhances our capabilities in precision measurement and supports our expansion into attractive market segments.”

FARO joins AMETEK as part of its Ultra Precision Technologies Division within AMETEK’s Electronic Instruments Group. FARO Technologies provides 3D measurement and imaging solutions, including portable measurement arms, laser scanners and trackers, software solutions, and service offerings. FARO had annual sales of approximately $340 million.

About AMETEK

AMETEK is a global provider of industrial technology solutions serving certain niche markets with annual sales of approximately $7 billion. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a high return on total capital. Founded in 1930, AMETEK has been listed on the NYSE for over 90 years and is a component of the S&P 500.

Sources: Press materials received from the company and additional information gleaned from the company’s website.