Thursday, October 28, 2010

Spectrum Control signs definitive agreement to acquire Summit Instruments

FAIRVIEW, USA: Spectrum Control Inc., a leading designer and manufacturer of custom electronic products and systems, announced that it has signed a definitive agreement to acquire all of the outstanding common stock of Summit Instruments Inc.

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 CEO, 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 percent 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."

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