Middlefield manufacturer Zygo Corp. said Friday morning that it has agreed to be acquired by Pennsylvania’s Ametek Inc. in a deal valued at $280 million.
Zygo manufactures optical components and systems like lenses and mirrors, as well as metrology tools that precision manufacturers use to measure and position components of automotive engines, consumer electronics, semiconductors, and other products.
Ametek CEO Frank S. Hermance said in a statement that Zygo’s leading position in non-contact metrology complements his company’s strength in contact metrology.
The share purchases would amount to about $364 million, according to the Wall Street Journal. But that figure is reduced to $280 million once Zygo’s equity awards and net cash to be acquired in the transaction are factored in, the companies said.
Zygo listed Ametek, which is a much larger company, as a primary competitor in its fiscal year 2013 annual financial report.
Zygo had 637 employees as of June 2013, while Ametek, which had $3.6 billion in sales last year, listed 14,500 workers as of Dec. 2013. Zygo had annual revenue of $162 million last year.
Zygo owns its 153,000-square-foot headquarters and manufacturing facility in Middlefield. It also has manufacturing in California and Arizona. It’s not immediately clear how the company’s Connecticut operations will be impacted by the deal.
Zygo CEO Gary K. Willis did not immediately return a call for comment Friday morning, but said in a statement that the deal with Ametek creates significant shareholder value and provides opportunities for Zygo’s customers and employees.
Ametek has agreed to pay $19.25 in cash for each outstanding share of Zygo’s common stock, a 31 percent premium on the company’s April 10 closing share price, the publicly traded companies said.
