Vishay Intertechnology (VSH) agreed to acquire Tedea Technological Development & Automation's (C.TTD) Tedea-Huntleigh BV unit for about $17 million, stated a press release. Vishay reported 2001 operating earnings of $119.3 million, or 84 cents a share, on sales of $1.66 billion.
Vishay released that it also will pay Tedea Technological a one million dollar consulting fee over a three-year period and will repay a nine million dollar loan made by the company to Tedea-Huntleigh.
The acquisition is part of its strategy to enter the load cell business, which it expects to create significant value for its strain gages. Tedea-Huntleigh is its second acquisition in this strategy; Vishay acquired load cell maker Sensortronics in January.
Tedea-Huntleigh, with 2001 sales of $35 million, operates two plants in Israel, where it employs about 350 people, as well as a number of facilities outside Israel .The company also has a cooperative agreement for load cells in China.
The transaction is subject to Israeli regulatory approval, Tedea Technological shareholder approval and other customary closing conditions. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
