United Kingdom-based Meggitt PLC plans to acquire Piezotech LLC, a manufacturer founded in Indianapolis in 1967, for $41.2 million, the companies announced Wednesday.
Meggitt, a global aerospace, defense and energy corporation, said it expects to maintain Piezotech as a standalone operation within its sensing systems division and retain existing management at its Indiana and Colorado sites. The companies did not say when they expected the acquisition to close.
Founded as an advanced ceramic devices producer, Piezotech has evolved into a leading manufacturer of piezoelectric devices and specialty transducers. Headquartered in Indianapolis with product development in Broomfield, Colo., Piezotech develops custom-engineered products for industry segments including oil and gas, medical ultrasound, non-destructive testing, and fire and safety.
Piezotech's local facilities are at 8431 Georgetown Rd.
Meggitt said its global reach should create growth opportunities for Piezotech. The company has about 40 manufacturing facilities and regional offices in North and South America, Europe and Asia.