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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Allied Motion Expands Motion System Solution Capabilities with Acquisition of ORMEC Systems Corp.

November 2, 2021 GMT

AMHERST, N.Y.--(BUSINESS WIRE)--Nov 2, 2021--

Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied” or the “Company”), a designer and manufacturer of precision and specialty controlled motion products and solutions for the global market, announced today that it has acquired ORMEC Systems Corp. (“ORMEC”), a developer and manufacturer of mission critical electro-mechanical automation solutions and motion control products including multi-axis controls, electronic drives and actuators for the automation and aerospace industries. The acquisition is expected to be accretive to both EPS and the gross margin profile of Allied.

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“ORMEC is an excellent bolt on acquisition that strengthens our technical expertise and adds a higher level of precision motion control systems and solutions to our offerings. In addition to its products, ORMEC designs and manufactures complete electro-mechanical and software solutions for custom automation applications. We are very excited to add such a highly experienced and capable team to Allied. We look forward to a bright future together as we expand the joint business potential by increasing our scale and ability to support new applications.” commented Dick Warzala, Chairman and CEO of Allied.

Founded in 1982 and headquartered in Rochester, NY, ORMEC provides automated motion control systems that integrate motion controllers, logic control, servo drives, servo motors, linear motors, actuators, HMIs and I/O. Dr. Edward Krasnicki, who has been president and CEO of ORMEC for the past 19 years, will continue to lead the company under Allied.

Dr. Krasnicki stated, “Joining with the Allied team provides additional talent and capabilities for ORMEC to enable us to scale more rapidly and compete more effectively. We believe our electronic, software and mechanical engineering expertise that creates high value electro-mechanical solutions, when combined with the One Allied approach to providing controlled motion system solutions to its customers, creates an excellent foundation from which to further expand our market reach.”

Terms of the deal were not disclosed.

About Allied Motion Technologies Inc.

Allied Motion (Nasdaq: AMOT) designs, manufactures and sells precision and specialty-controlled motion products and solutions used in a broad range of industries within our major served markets, which include Vehicle, Medical, Aerospace & Defense, and Industrial. Headquartered in Amherst, NY, the Company has global operations and sells into markets across the United States, Canada, South America, Europe and Asia-Pacific.

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Allied Motion is focused on controlled motion applications and is known worldwide for its expertise in electro-magnetic, mechanical and electronic motion technology. Its products include brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, integrated brushless motor-drives, gear motors, gearing, modular digital servo drives, motion controllers, incremental and absolute optical encoders, active (electronic) and passive (magnetic) filters for power quality and harmonic issues, and other controlled motion-related products.

The Company’s growth strategy is focused on being the controlled motion solutions leader in its selected target markets by leveraging its “technology/know how” to develop integrated precision solutions that utilize multiple Allied Motion technologies to “change the game” and create higher value solutions for its customers. The Company routinely posts news and other important information on its website at www.alliedmotion.com.

Safe Harbor Statement

The statements in this news release that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Examples of forward-looking statements include, among others, statements the Company makes regarding its ability to realize the potential benefits of the ORMEC acquisition and to successfully integrate its operations; expected rates of growth and capturing market opportunities. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company’s customers and suppliers, competitor responses to the Company’s products and services, the overall market acceptance of such products and services, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the impact of changes in income tax rates or policies, the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses, and on global supply chains; our inability to predict the extent to which the COVID-19 pandemic and related impacts will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives and other factors disclosed in the Company’s periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211102006317/en/

CONTACT: Investor Contact:

Deborah K. Pawlowski

Kei Advisors LLC

Phone: 716-843-3908

Email:dpawlowski@keiadvisors.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING TECHNOLOGY AEROSPACE OTHER TECHNOLOGY MANUFACTURING SOFTWARE

SOURCE: Allied Motion Technologies Inc.

Copyright Business Wire 2021.

PUB: 11/02/2021 04:24 PM/DISC: 11/02/2021 04:24 PM

http://www.businesswire.com/news/home/20211102006317/en