PARIS, Aug. 23 (UPI) -- Safran's U.S. subsidiary, which makes motors and motorized devices for aviation, defense and other markets, is being sold to Allied Motion Technologies.
The sale of Globe Motors Inc., based in Ohio, is subject to regulatory approvals and arrangement of debt financing. The transaction is expected to conclude this year.
Safran, with headquarters in France, said the transaction has "an expected enterprise value of $90 million."
Globe Motors designs, manufactures and distributes standard and custom-made sub-fractional horsepower motors and motorized devices with applications in the civilian and military aeronautical sectors and others. The company is part of Safran's Aircraft Equipment business and recorded revenues of $106 million last year.
Allied Motion Technologies Inc., headquartered in Colorado, designs, manufactures and sells motors, electronic motion controls, gearing and optical encoders to a range of customers throughout the world.
Additional details of the transaction were not disclosed.