VPG buys trucking technology company for US$20mln
Precision sensor maker Vishay Precision Group (NYSE:VPG) is buying a company that manufactures weighing technology for trucks.
Stress-Tek’s sensors and display systems are used in a wide range of industries, mainly transportation and trucking, for timber, refuse, aggregate, mining and general trucking.
VPG chief executive Ziv Shoshani said: “Stress-Tek is an excellent fit for our on-board weighing product line. They are well respected in the industries they serve.”
“This acquisition supports our corporate growth strategy and allows us to expand our existing product portfolio to new end markets and geographic areas.”
VPG said it expected Stress-Tek will achieve approximately US$9mln in annual net sales and about US$1.1mln in annual pre-tax earnings before interest, depreciation and amortisation in 2015.
The group said in a statement: “With expected cost synergies, we anticipate Stress-Tek’s annual EBITDA will increase to approximately US$3mln over two years.”
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