Measurement Specialties Inc. – Our New Parent Company
Chatsworth, CA. ~ Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announced today that they have completed the acquisition of Celesco Transducer Products Inc, a leader in the design and manufacture of cable extension transducers and rotary encoders, from Tedea-Technological Automation and Development, Ltd . The acquisition closed September 30, 2011.
Frank Guidone, Company CEO, commented, "Celesco is the leading provider of cable extension 'string pots' to the mobile hydraulic/off-road, medical and test & measurement markets. We have long sought to add a competitive long stroke position technology to the portfolio, and we are thrilled with the addition of Celesco to the MEAS family."
Measurement Specialties acquired the capital stock of Celesco for $35 million, or approximately 6 times trailing 12 month EBITDA. The Company expects the transaction will contribute approximately $15 million to incremental annual sales.
Jim Bishop, Celesco GM, commented, "We are excited about the opportunity to leverage the MEAS customer base to extend our OEM sales. Celesco's quick-response capabilities and commitment to supply semi-custom and custom solutions fits well with MEAS and has been the key to strong growth. The strategic and operational synergies will benefit both companies, making this an ideal combination."