Fortive acquires German manufacturer Elektro-Automatik for $1.45 bln (updated)

Fortive

23/10/2023 11:51

(Adds details from paragraph 2)
       Oct 23 (Reuters) - 
    Industrial technologies company Fortive Corporation  FTV.N 
on  Monday said that it entered into a definitive agreement to
acquire German manufacturer EA Elektro-Automatik Holdings GmbH
for $1.45 billion in cash.
    Elektro-Automatik makes test solutions for energy storage,
mobility, hydrogen, and renewable energy markets.
       The deal is expected to strengthen Fortive's position in
the electronic test and measurement market. 
  
        Reuters 
    reported
     earlier this month that Emerson Electric Co  EMR.N  and
Keysight Technologies Inc  KEYS.N  had also expressed interest
in buying the German manufacturer. 
       Fortive expects to fund the acquisition with available
cash and debt financing.
  
        It expects the acquisition to add to its adjusted gross
and operating margins in fiscal year 2024, but the impact on
adjusted earnings per share to be "neutral to modestly"
accretive. 
  

 (Reporting by Aishwarya Jain; Editing by Dhanya Ann Thoppil)
 ((Aishwarya.Jain@thomsonreuters.com;))