Spectrum Control Signs Definitive Agreement to Acquire Summit Instruments, Inc. |
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Spectrum Control, Inc.
8031 Avonia Rd.
Fairview, PA, 16415
USA
Press release date: October 27, 2010
FAIRVIEW, Pa., Oct. 27 -- Spectrum Control, Inc. (Nasdaq: SPEC), a leading designer and manufacturer of custom electronic products and systems, announced today that it has signed a definitive agreement to acquire all of the outstanding common stock of Summit Instruments, Inc. ("Summit"). Based in Akron, Ohio, Summit designs and manufactures custom accelerometers, gyros, inertial measurement systems, and related products and assemblies. The transaction is expected to close by the end of October. The total purchase price of the acquisition is approximately $5.2 million.
Dick Southworth, Spectrum Control's President and Chief Executive Officer, commented, "This acquisition, our fourth in the last eleven months, reflects our continued commitment to product and technology expansion. Summit's products include analog and digital accelerometers, analog rate gyros and sensors, inertial measurement systems, and a broad line of custom inertia sensor solutions. These complex products will expand and complement our existing sensors and control product offerings of precision position sensors and advanced thermal products which comprise our Sensors and Controls Business Segment. Currently, approximately 60% of Summit's revenues are generated from military and defense applications, including missile defense systems, and 40% are generated from numerous commercial uses, including wind turbines and test and measurement equipment. Recent annual revenues of Summit have approximated $4.5 million."
About Spectrum Control
Spectrum Control, Inc. is a leader in the design, development and manufacture of high-performance custom electronic solutions for the defense, aerospace, communications, and medical industries worldwide. For more information about Spectrum Control and its products, please visit the Company's website at www.spectrumcontrol.com.
SOURCE Spectrum Control, Inc.
CONTACT:Corporate Headquarters,+1-814-474-2207,Fax: +1-814-474-2208;orInvestor Relations,John P. Freeman,Senior Vice President and Chief Financial Officer,Spectrum Control, Inc.,+1-814-474-4310
Web Site: http://www.spectrumcontrol.com
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