Vishay completes George Kelk acquisition

The purchase price was approximately $50 million Canadian, subject to customary post-closing adjustments. VPG financed the acquisition through a combination of cash on hand and third party borrowings. Marc Zandman, VPG’s chairman of the board, said, “We are pleased to complete this important step in implementing our growth strategy. The KELK business is a natural fit for us and we expect it to be a key to our future success.” In commenting on the acquisition, Ziv Shoshani, VPG’s chief executive officer, said, “KELK has extensive knowledge of the metals measurement processing industry and valuable proprietary technology. KELK delivers a strong potential growth profile with attractive economics, and expands our geographic and end-market strength in the metals measurement processing market through a combination of intellectual property, engineering talent, and new products in the Weighing Control Systems segment. KELK has established a leading global brand name with a 60 year legacy for quality and value. We expect to deploy the KELK brand name and technology to gain greater market share and customer recognition for VPG products on a global basis.” Vishay Precision Group signed a definitive agreement to acquire KELK on December 18, 2012.