Amphenol Paying $318 Million to Acquire GE Advanced Sensors
One month after reporting "record" earnings results for its fiscal third quarter, electrical equipment maker Amphenol is putting its extra cash to work.
On Friday, Amphenol announced that it has signed a definitive agreement to buy General Electric's Advanced Sensors Business, located in St. Mary's, Pa., for approximately $318 million.
A supplier to the global transportation, automotive, medical, and other industrial industries, Advanced Sensors employs some 1,600 workers around the world, manufacturing a variety of highly engineered sensors and sensor-based instruments. Amphenol says that this business will be "uniquely complementary" to its own products.
Amphenol's sales of its products grew less than 5% in the company's most recent quarter, although profits grew more strongly than that. In announcing the Advanced Sensors deal, Amphenol management noted that it sees acquiring the GE division as "a significant long-term expansion opportunity."
The article Amphenol Paying $318 Million to Acquire GE Advanced Sensors originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.