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Director, Global Marketing Communications,
MALVERN, Pa. — Jan. 04, 2016 — Vishay Precision Group, Inc. (NYSE:VPG), a leading producer of precision sensors and systems, today announced that it has completed its acquisition of Stress-Tek, Inc. of Kent, Washington, a privately held company. The purchase price was approximately $20.0 million, which includes the acquisition of real estate valued at $5.5 million, subject to customary post-closing adjustments. VPG financed the acquisition through a combination of cash on hand and borrowings under its credit facility.
Stress-Tek is a designer and manufacturer of state-of-the-art, rugged and reliable strain gage-based load cells and force measurement systems primarily servicing the North American market. Their sensors and display systems are used in a wide range of industries, predominantly in transportation and trucking, for timber, refuse, aggregate, mining and general trucking applications.
In commenting on the acquisition, Marc Zandman, Chairman of the Board of VPG said, “We are pleased to complete this important step in implementing our growth strategy.”
Ziv Shoshani, VPG’s Chief Executive Officer said, “Stress-Tek is an excellent fit for our onboard weighing product line and we are excited to have them join our company. We hope to leverage Stress-Tek’s strong reputation and technology to enhance market share and customer recognition for VPG onboard weighing products on a global basis.”
Vishay Precision Group, Inc. signed a definitive agreement to acquire Stress-Tek, Inc. on December 14, 2015.
Vishay Precision Group, Inc. (VPG) is an internationally recognized designer, manufacturer and marketer of: components based on its resistive foil technology; sensors; and sensor-based systems specializing in the growing markets of stress, force, weight, pressure, and current measurements. VPG is a market leader of foil technology products, providing ongoing technology innovations in precision foil resistors and foil strain gages, which are the foundation of the company's force sensors products and its weighing and control systems. The product portfolio consists of a variety of well-established brand names recognized for precision and quality in the marketplace. To learn more, visit VPG at www.vpgsensors.com