Vishay Precision Group announced it has completed its acquisition of Stress-Tek of Kent, WA, 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 strain gage-based load cells and force measurement systems primarily servicing the North American market. According to the company, its 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.”