AMETEK Completes Acquisition of FARO Technologies for $920M
AMETEK, Inc. has completed its acquisition of FARO Technologies, Inc., a leading provider of 3D measurement and imaging technology, for $44.00 per share in cash, approximately $920 million net of cash acquired. The deal brings together decades of innovation and expertise to serve a wide range of applications and industries.
FARO, known for its portable and automated 3D metrology, laser projection, and digital reality technology, will now operate as part of AMETEK's Ultra Precision Technologies Division within the Electronic Instruments Group. The acquisition was approved by FARO shareholders and received all necessary regulatory approvals.
Peter Lau, President and CEO of FARO Technologies, expressed excitement about the partnership with AMETEK, highlighting the opportunities for innovation and growth. Fanny Truchon, President of Creaform, also looks forward to collaborating more closely with FARO and Virtek to push the boundaries of 3D metrology, laser scanning, and laser projection. Each brand will continue to operate independently but will increasingly collaborate to deliver enhanced customer experiences and expanded service capabilities.
The acquisition of FARO by AMETEK brings together two industry leaders, expanding AMETEK's capabilities in 3D measurement technology and enhancing its presence in margin-strong niches. FARO's common stock will no longer be listed for trading on Nasdaq following the merger. Together, they aim to serve a wide range of applications and industries, including industrial manufacturing, AEC/public safety, and manufacturing & assembly.
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