ABB Agrees to Purchase K-TEK
ABB has been on a buying spree lately. They agreed to purchase U.S software maker, Ventyx in May for over $1 billion. It also spent nearly $1 billion to lift its stake in its India unit to 72%.
Now ABB has announced that they are to buy K-TEK. The details of the purchase have not been disclosed.
K-TEK is a U.S base measurement products company out of Prairieville, Louisiana. They are a leading manufacturer of instrumentation for liquid and bulk solids detection. K-TEK has about 250 employees and about $50 million in sales last year (source: Wall Street Journal).
ABB has over $7 billion cash in hand and plans to make more small and medium size company buyouts in near future. This might spark more acquisitions from other companies in the automation industry to stay competitive.
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Check out what others are saying about this post...[...] month, we mentioned that ABB had agreed to purchase Louisiana based company K-TEK. According to an official press release listed on K-TEK’s website, the acquisition has [...]