Analogic Corp., of Peabody, Mass., announced today that it has entered into an agreement to acquire a privately held supplier of gradient amplifiers for magnetic resonance imaging and precision motion control systems.
Copley Controls Corp., of Canton, Mass., will be purchased for approximately $68.75 million cash and up to an additional $1.8 million to reimburse the company’s shareholders for the tax consequences of the transaction.
Copley will become a wholly owned subsidiary of Analogic, with the transaction expected to close in early April 2008.
“Our acquisition of Copley Controls combines two companies with strong engineering resources focused on high-value precision systems,” said Jim Green, Analogic president and CEO. “The addition of Copley, with its leading-edge technology in high-field gradient amplifiers and its solid customer base, will enable Analogic to expand our product offerings to our OEM customers, open up new opportunities in Asia, and enhance our position as a leading provider of medical subsystems for MRI scanners.”
