WEST WARWICK – AstroNova Inc. Tuesday acquired Astro Machine, an Illinois manufacturer of inkjet printers and media handling equipment for labeling and mailing applications, for $17 million.
The cash deal includes Astro Machine’s 34,000-square-foot engineering and manufacturing plant in Elk Grove Village, Ill. Greg Selak will remain president and all employees will be retained, according to the press release.
“Astro Machine meets all the criteria of our acquisition strategy and adds an exciting adjacency to our product identification portfolio that we expect will further enhance our market leadership position,” said Greg Woods, AstroNova president and CEO. “Astro Machine’s products and technologies are a great fit. We believe that this transaction brings synergistic product design and material handling expertise, expands our U.S.-based manufacturing capabilities, and adds complementary channels to market that will enhance our ability to scale the combined business and capitalize on cross-selling opportunities.”
AstroNova said the acquisition is expected to be accretive to earnings in the current fiscal year.
“Today’s announcement marks the start of an exciting new chapter in Astro Machine’s 44-year history,” Selak said. “We are thrilled about joining AstroNova, whose industry knowledge, technologies, and global presence will enable us to play an even greater role in helping our customers grow their businesses.”
Astro Machine Corp., established in 1978, produces inkjet printers, labelers, tabbers, conveyors, envelope feeders and a variety of companion products.
