AMETEK Expands Ultra Precision Technologies Division With Completion of Faro Acquisition
AMETEK, Inc. has announced that it has completed its acquisition of FARO Technologies, Inc. for $44.00 per share in cash, or approximately $920 million, net of cash acquired. The completion of the transaction follows approval from FARO shareholders and the receipt of all regulatory approvals. As a result of the completion of the merger, the common stock of FARO will no longer be listed for trading on Nasdaq.
“We are pleased to announce the closing of this highly strategic acquisition and are excited to welcome the FARO Technologies team to AMETEK,” said David A. Zapico, AMETEK Chairman and Chief Executive Officer. “FARO’s leadership in 3D metrology and digital reality solutions enhances our capabilities in precision measurement and supports our expansion into attractive market segments.”
FARO joins AMETEK as part of its Ultra Precision Technologies Division within AMETEK’s Electronic Instruments Group. FARO Technologies is a leading provider of 3D measurement and imaging solutions, including portable measurement arms, laser scanners and trackers, software solutions, and comprehensive service offerings. FARO’s precision manufacturing and digital reality solutions serve a diverse range of end markets. FARO had annual sales of approximately $340 million.
Together, FARO, Creaform, and Virtek now offer one of the most comprehensive, powerful, and trusted portfolios of portable and automated 3D metrology, laser projection and digital reality solutions available in the industry. This strategic acquisition brings together decades of innovation and expertise to serve a wide range of applications and industries, including:
Industrial Manufacturing: Portable measurement arms, handheld 3D scanners, laser trackers, optical CMMs, photogrammetry cameras, and fully integrated inspection and scan-to-CAD software for quality control and reverse engineering in automotive, aerospace, energy, heavy equipment and other industrial sectors.
Architecture, Engineering, and Construction (AEC) / Public Safety: Mobile and fixed 3D laser scanners and SaaS collaboration & viewing solutions that enable accurate as-built documentation, construction progress verification, BIM integration, as well as forensics and public safety applications.
Manufacturing & Assembly: 3D laser projectors and smart cameras that support complex assembly processes and improve manufacturing efficiency and quality.
While each brand will continue to operate independently, they will increasingly collaborate to deliver unmatched customer experiences, enhanced product integration, and expanded service capabilities for both existing and new customers.
“We are excited to join the AMETEK family,” said Peter Lau, President and CEO of FARO Technologies. “This partnership opens new opportunities for innovation and growth, and we’re excited to work alongside Creaform and Virtek to deliver even greater value to our customers.”
“Bringing together these three industry leaders allows us to offer a truly unique and powerful suite of solutions,” added Fanny Truchon, President of Creaform. “We look forward to collaborating more closely to push the boundaries of what’s possible in 3D metrology, laser scanning and laser projection.”
For more information: www.ametek.com
