CTS completes $53 million acquisition
LISLE - CTS Corp. said it has completed its previously announced acquisition of Ferroperm Piezoceramics from Meggitt PLC for 525 million Danish Krone in cash, equivalent to about $53 million.
Founded in 1952, Ferroperm specializes in the design and manufacture of high performance piezoceramic components for use in medical, industrial and aerospace applications. The company is recognized for its high quality and innovative piezoceramic technology. Based in Kvistgaard, Denmark, Ferroperm has established a strong customer base across Europe and North America, CTS said.
"We are pleased to welcome the Ferroperm team to CTS," said Kieran O'Sullivan, CEO of CTS Corp. "The completion of this acquisition represents another step forward in our diversification strategy. Ferroperm's presence in Europe and experience in medical therapeutic markets complement our capabilities."
CTS manufactures sensors, actuators and electronic components in North America, Europe and Asia, providing products to customers in the aerospace/defense, industrial, medical and transportation markets.