CTS to acquire Danish company for $76 million

LISLE - CTS Corp. said it has a deal to acquire Meggitt A/S, also known as Ferroperm Piezoceramics, for 525 million Danish Krone in cash, the equivalent of $76.6 million U.S. dollars.

The acquisition from Meggitt PLC is subject to net debt and working capital adjustments and the other terms and conditions of a share purchase agreement. The transaction is expected to close in 2022, the company said.

Founded in 1952, Ferroperm specializes in the design and manufacture of high performance piezoceramic components for use in medical, industrial and aerospace applications. Based in Kvistgaard, Denmark, Ferroperm has established a strong customer base across Europe and North America.

"Ferroperm represents a great addition to our expanding piezoceramic business and advances our diversification," said Kieran O'Sullivan, CEO of CTS Corp. "Strategically, both organizations focus on serving targeted markets that demand high quality material formulation, reliability and technical depth."

Lisle-based CTS manufactures sensors, actuators and electronic components in North America, Europe, and Asia. It provides engineered products to customers in the aerospace/defense, industrial, medical and transportation markets.

Ferroperm's presence in medical therapeutics complements CTS' existing focus on medical imaging and diagnostics, O'Sullivan said.