Novanta Inc. (NASDAQ: NOVT) has acquired Schneider Electric Motion USA (SEM), a company that could contribute to its industrial automation development.
Novanta Inc. (NOVT) purchased SEM for $115 million in cash and plans to complete the deal in the third quarter of 2021. Novanta’s earnings per share and free cash flow are expected to spike as a result of the deal.
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Novanta will now have access to the latest technology in motion control for robotic manufacturing equipment with the acquisition of SEM. Particularly, SEM manufactures electric drives and electronic control systems for robotic machine tools. Founded in 1986, SEM is one of the nation’s leading technology companies in automation accessories. SEM solutions are used in medical technology and scientific research, so the most advanced robots use them as well.
NOVT can thus increase its share of the market for medical and biotechnology equipment, a market for which it already produces complex optical and high-precision systems in large volumes.
As of now, Novanta Inc. (NOVT) has primarily been dedicated to developing sophisticated optical systems, such as for obtaining and recording images during laparoscopic surgery. Novanta’s sales are increasing with an increase in automation and a proliferation of high-tech manufacturing processes.
NOVT gained 32.34% over the past 12 months to $135.96 at the close on July 13. The company’s market value reached $4.83 billion.