STOCKHOLM, Sweden — Atlas Copco and Perceptron have entered into an agreement for Atlas Copco to acquire Perceptron, a supplier of automated metrology solutions, for USD 7.00 per share. The company is headquartered in the Plymouth, MI and listed on the NASDAQ stock exchange in New York (PRCP).
“Flexible automation and in-line quality control on the production line are two strong trends where we want to support our customers in their transition towards digital manufacturing”, said Henrik Elmin, Business Area President Industrial Technique. “Through Perceptron’s position in automated metrology and robot guidance, together with the recent acquisition of ISRA VISION, we are creating a strong offering in machine vision solutions and extending the Smart Factory Automation business segment.”
Perceptron has approximately 300 employees and is headquartered in Plymouth, Michigan, USA. In the fiscal year 2020 Perceptron had revenues of $62.3 million. Atlas Copco will pay $7.00 per share, corresponding to an enterprise value of $62.7 million, including $6.2 million of assumed net cash on hand. The total purchase price will be $68.9 million. The offer represents a premium of 66 percent to Perceptron’s 30-day average closing share price of $4.22 up to Sept. 25, the last trading day prior to this announcement.
“The acquisition of Perceptron will enable us to increase our customers’ productivity through best-in-class quality control and an increased automation level”, said Henrik Elmin. “Perceptron has almost 40 years of experience as a leading global provider of 3D automated measurement solutions. There are several identified synergies in sales, operations, service and technology development from Perceptron joining the Machine Vision Solutions division.”
The transaction will be completed by way of a negotiated statutory merger. It has been approved by the Boards of Directors of both companies. Additionally, Perceptron’s largest shareholder, affiliates of Harbert Management Corporation, has signed a Voting and Support Agreement in favor of the proposed transaction. Subject to majority approval by Perceptron shareholders, customary closing conditions and regulatory approvals, the transaction is expected to close in the fourth quarter of 2020.
The acquisition is an all-cash transaction utilizing Atlas Copco’s existing own funds.Perceptron will become part of Atlas Copco’s newly created division Machine Vision Solutions within the Industrial Technique business area.