Washington-based Fortive, an industrial technologies company, announced on Monday that it has entered into a definitive agreement to acquire Germany’s EA Elektro-Automatik for $1.45B (approximately €1.36B).
EA Elektro-Automatik is a supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications.
The US company expects to finance the acquisition with available cash and debt financing.
The acquisition is subject to customary closing conditions and regulatory approvals, and is expected to close in early first quarter of 2024.
The company says “the acquisition is expected to be accretive to adjusted gross and operating margins and neutral to modestly accretive to adjusted diluted net earnings per share in fiscal 2024.”
Fortive: What you need to know
Fortive is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets.
The company’s businesses design, develop, service, manufacture, and market professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions.
James A. Lico, President and Chief Executive Officer of Fortive, says, “We are pleased to announce our agreement to acquire EA Elektro-Automatik to enhance our leading position in electronic test and measurement, helping to enable the global energy transition. This acquisition will further position Fortive in multi-decade, multi-industry, high-growth markets, leveraging Tektronix’s global franchise and the power of the Fortive Business System to create unparalleled value for customers and shareholders.”
EA Elektro-Automatik Group: What you need to know
The EA Elektro-Automatik Group is a supplier of power electronics for R&D and industrial applications.
The company researches, develops and produces high-tech equipment for laboratory power supplies, high power mains adaptors and electronic loads, with and without mains feedback.
The units are used across many branches, from batteries through fuel cell technology, to wind and solar power, and from electrochemicals and process technology to telecommunication.