Measurement Specialties Announces Acquisition of FGP Instrumentation
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Extends Position in Test & Measurement and Aerospace Markets
HAMPTON, Va., Feb. 2, 2009 -- Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announced the acquisition of GS Sensors Group, a holding company for FGP Instrumentation and ALS ("FGP") (www.fgpsensors.com). Located in Les Clayes sous Bois and Vernouillet, France, FGP is a leading designer/manufacturer of pressure, acceleration and force sensors for demanding applications. MEAS acquired the outstanding capital stock of FGP for approximately EUR5.6 million in cash, plus an additional EUR1.4 million if certain performance thresholds are achieved. The transaction closed January 30, 2009.
Frank Guidone, Company CEO, commented, "FGP has been a friendly competitor in the high-end test and measurement market for many years.
With their operation located a stone's throw from our existing facility in Les Clayes sous Bois (LCSB), the combination provides many operational and strategic synergies. The acquisition of FGP adds much needed sales and engineering resources to our European team focused on the aerospace and automotive test and measurement markets.
Additionally, their effort in developing custom force sensors for fly by wire applications dovetails with our efforts in the aerospace market. On an annualized basis, we expect the transaction will add approximately EUR7 million in sales."
FGP founder Francis Gibert commented, "We were very impressed by MEAS'
understanding of our end-user and aerospace program business, and we're convinced that the combined companies will become the supplier of choice for high-end transducer applications."
Dr. Sean Gough FGP, president, added, "It is clear that the combination of FGP's capabilities in transducer and applications engineering with Measurement Specialties' renowned excellence in manufacturing will allow FGP to further strengthen its position as a leader in sensor solutions for demanding applications."
About Measurement Specialties
Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies -- including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezoelectric polymers and strain gauges -- to engineer sensors that operate precisely and cost effectively.
About FGP Instrumentation
Established in 1975, FGP is a leader in demanding pressure, acceleration and force sensor applications within the end-user test & measurement market, as well as custom force applications within the aerospace market.
CONTACT: Measurement Specialties, Inc.
Mark Thomson, CFO
(757) 766-4224
