PEABODY, Mass. (AP) — Medical and security imaging equipment maker Analogic Corp. said Thursday it agreed to acquire Copley Controls Corp., which makes parts for MRI machines, for about $68.8 million in cash.
Analogic also will pay up to $1.8 million to reimburse Copley shareholders for acquisition-related taxes.
Analogic expects the acquisition to add to earnings beginning in the current fiscal year ending in July, excluding one-time acquisition costs. The company expects to gain over $85 million in revenue from the acquisition this year, compared with Copley's preliminary 2007 revenues of about $83 million.
Chief Executive Jim Green said the purchase will expand product offerings and add business from Asia.
Canton, Mass.-based Copley makes gradient amplifiers for MRI and precision motion control systems.
Analogic expects the deal to close in early April. The company will fund the purchase through available cash.