Massachusetts-based phonetics and motion technology company Novanta Inc. has agreed to acquire Marlborough-based manufacturer Schneider Electric Motion USA for $115 million.
Novanta, which makes core technology components for medical and advanced industrial manufacturers, said the company expects the deal to acquire Schneider — which manufactures motion control components for automation equipment — will close by the end of 2021’s third quarter.
“[Schneider] is expected to help our expansion into automation and robotic applications through advanced motion control solutions,” Novanta CEO Matthijs Glastra said. “The addition of [Schneider’s] technology would expand our precision motion control portfolio.”
Novanta and Schneider are currently seeking regulatory approval for the acquisition deal, Novanta said. The company will finance the buy using available cash on hand and Novanta’s revolving credit facility.
