AMETEK Inc. has announced the completion of its acquisition of FARO Technologies. The deal was completed at $44.00 per share in cash, or around $920 million, net of cash acquired. AMETEK’s acquisition was sealed following the approval of FARO shareholders and the receipt of all regulatory approvals.
FARO is known for providing 3D measurement and imaging solutions like portable measurement arms, laser scanners and trackers, and software solutions. The company boasts annual sales of $340 million approximately.
“We are pleased to announce the closing of this highly strategic acquisition and are excited to welcome the FARO Technologies team to AMETEK,” said 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 Technologies will join AMETEK’s Ultra Precision Technologies Division within its Electronic Instrument Group.
