Acquires leading supplier of inductive encoders that deliver high-performance in extreme conditions for medical, industrial and defense equipment manufacturers
Novanta Inc. (Nasdaq: NOVT), a trusted technology partner to medical and
advanced technology equipment manufacturers, announced today that it has
acquired privately-held Zettlex Holdings Limited ("Zettlex").
Zettlex, based in Cambridge, England, provides original equipment
manufacturers ("OEMs") with inductive encoders that can provide absolute
and accurate positioning even in extreme operating environments. Zettlex
has approximately 40 employees and won the Queen's Award for Innovation
in 2017 and for International Trade in 2018. Zettlex has grown rapidly
as the result of strong demand for their compact, accurate, lightweight
and robust position sensors. Zettlex was founded by Darran
Kreit and Mark Howard, who have agreed to remain with the business, and
Zettlex will operate as part of Novanta's Celera Motion business.
Zettlex founders issued the following statement, "Zettlex has grown
quickly in recent years and we're excited to join Novanta as we believe
this provides the opportunity to accelerate growth still further."
"By combining our commercial resources and application specific
competencies with Zettlex's technologies and strong team, Celera Motion
can broaden the components and solutions we can provide our customers,"
said Matthijs Glastra, Chief Executive Officer of Novanta. "We see a
growing demand for precision motion technology in robotics, precision
automation and key medical markets, and we're excited to add a
complementary technology to our precision motion offerings. In
particular, many of Celera Motion's customers desire absolute encoder
technology, and we are pleased to be able to meet their needs."
Celera Motion, headquartered in Bedford, Massachusetts, is a market
leading provider of motion control components and subsystems for OEMs
serving a variety of medical and advanced industrial markets. Celera
Motion offers precision encoders, motors, and customized mechatronic
solutions that help customers solve challenging motion control problems.
Safe Harbor and Forward-Looking Information
Certain statements in this release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995 and are based on current expectations and assumptions that are
subject to risks and uncertainties. These forward-looking statements
include, but are not limited to, statements regarding the ability of
Zettlex encoders to provide absolute and accurate positioning, the
expectation that Zettlex can further accelerate its growth, the
expectation that Messrs. Kreit and Howard will remain with the business,
market and demand expectations, and the expectations regarding the
impact of the acquisition of Zettlex on the Company's business,
including its ability to broaden the Company's components and solutions
offerings. All statements contained in this news release that do
not relate to matters of historical fact should be considered
forward-looking statements, and are generally identified by words such
as "expect," "intend," "anticipate," "estimate," "believe," "future,"
"could," "should," "plan," "aim," and other similar expressions. Such
statements reflect the current beliefs of Company management and are not
guarantees of future performance. The forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those contained in any forward-looking statement.
Such risks and uncertainties include our ability to make and integrate
our acquisitions and realize expected synergies. We also face
other general risks, including our ability to realize cost savings from
our operating initiatives; general economic conditions; unfavorable
changes in foreign currency exchange rates; difficulties associated with
exports; risks associated with our international operations; risks
associated with newly acquired businesses; our significant dependence
upon our customers' capital expenditures, which are subject to cyclical
market fluctuations; increased warranty exposure; future competition;
violations of our intellectual property rights and our ability to
protect our intellectual property against infringement by third parties;
our ability to attract and retain key personnel; disruptions in the
supply of certain key materials or components; changes in the price for
certain parts and components; changes in interest rates; changes in tax
laws; credit ratings; failure to comply with local import and export
regulations in the jurisdictions in which we operate; risks and cost
associated with potential write-offs of our substantial intangible
assets; and risks associated with maintaining regulatory compliance. Other
important risk factors that could affect the outcome of the events set
forth in these statements and that could affect the Company's operating
results and financial condition are discussed in Item 1A of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2017, our
subsequent filings with the Securities and Exchange Commission ("SEC"),
and in our future filings with the SEC. Such statements are based on the
Company's beliefs and assumptions and on information currently available
to the Company. The Company disclaims any obligation to update any
forward-looking statements as a result of developments occurring after
the date of this release, except as required by applicable law.
About Novanta
Novanta is a leading global supplier of core technology solutions that
give medical and advanced industrial OEMs a competitive advantage. We
combine deep proprietary technology expertise and competencies in
photonics, vision and precision motion with a proven ability to solve
complex technical challenges. This enables Novanta to engineer core
components and sub-systems that deliver extreme precision and
performance, tailored to our customers' demanding applications. The
driving force behind our growth is the team of innovative professionals
who share a commitment to innovation and customer success. Novanta's
common shares are quoted on Nasdaq under the ticker symbol "NOVT."
More information about Novanta is available on the Company's website at www.novanta.com.
For additional information, please contact Novanta Inc. Investor
Relations at (781) 266-5137 or InvestorRelations@Novanta.com.