Allied Motion Technologies

Allied Motion Technologies Inc.
Public company
Traded as NASDAQ: AMOT
Industry Electromechanical
Predecessor Hathaway Corporation
Founded 1939 (1939)
Headquarters Amherst, New York, United States
Number of locations
 14
Areas served
 Worldwide
Key people
 Richard S. Warzala (Chairman of the Board, President, Chief Executive Officer)
Products Electro-magnetic, mechanical and electronic motion technology
Number of employees
 1046
Website www.alliedmotion.com

Allied Motion Technologies Inc. (NASDAQ: AMOT) is a U.S. public corporation headquartered in New York, United States that produces precision and specialty motion control components and systems for commercial, industrial, aerospace and defense markets.[1][2]

The company now operates facilities in the United States, Canada, Mexico, Europe and Asia and sells its products globally.[3] The company provides motion control products and systems as solutions for a range of applications in several target markets including aerospace and defense, medical, vehicle, commercial, and industrial. The company designs and manufactures electric motors, electronic motion control components, gear motors, transaxles and traction wheels, control electronics and drives, and optical encoders. It sells its products primarily to original equipment manufacturers (OEMs) utilizing its own direct sales force, independent sales representatives and distributors.[4][5]

History

Allied Motion was originally founded in January 1939 in Denver, Colorado by Claude Hathaway under the name of Hathaway Instruments Company. The company developed and successfully sold electrical instruments to a number of industries through the 1940s and early 1950s.

In 1955, the Hamilton Watch Company purchased the company from Mr. Hathaway. It was operated as a division of Hamilton until January 1960, when the division was purchased by an investor group composed in part of executives working in the division. The new company was named Hathaway Instruments, Inc. The company became a U.S. public company in 1962 under the laws of Colorado, originally named 5800 Corporation.[6] Within days of incorporation the name of the company was changed to Hathaway Instruments Inc.[7]

In 1982 the name of the corporation was again changed to Hathaway Corporation. [8] By 1995, the company had developed, and was manufacturing and selling instrumentation used to monitor and control the operations of power generating, transmission and distribution facilities of electric utility and process control companies. The company had also established a nascent motion control business.[9] At this time, Hathaway Corporation consisted of two wholly owned subsidiaries, Hathaway Systems Corporation (HSC) and subsidiaries and Computer Optical Products, Inc. [7] The Company’s name was also changed to Hathaway Corporation. The motion control business was organized into two divisions and one subsidiary: Hathaway Motion Control, Hathaway Motors and Instruments and Computer Optical Products, Inc., respectively. [7] Between 1962 and 2001 Hathaway executed several acquisitions and mergers of subsidiaries into the parent corporation.[10] In addition, joint ventures in China were established and other acquisitions occurred.[11]

At the end of 2001, Hathaway Corporation consisted basically of the Power and Process business, selling into the electric utility market, and a motion control business operated as a wholly owned subsidiary, Hathaway Motion Control Corporation. [7] In 2002, the company took the decision to focus solely on motion control products and markets. As a result, on July 29, 2002 the company sold its electric utility products division along with the Hathaway brand name to the Danaher Corporation. [12] The day following the divestiture of the Power and Process business, the company completed the acquisition of Motor Products - Owosso Corporation and Motor Products - Ohio Corporation, both manufacturers of permanent magnet DC motors, from the Owosso Corporation. [7] These were the first acquisitions by the company in accordance with its plan to grow their motion control business platform.

On November 19, 2002, the company formally changed its name from Hathaway Corporation to Allied Motion Technologies, Inc. [13] The name was chosen to better reflect the future business direction of the company.

Products

Key products of this company are brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, brushless motors with integrated drives, gearmotors, digital servo drives, motion controllers, incremental and absolute optical encoders, and powered wheels and transaxles. [14][15]

Acquisitions

At different times after the establishment of Allied Motion Technologies Inc., the company, through acquisition, became the owner of the following brands: Agile Systems, Globe Motors, [16] Heidrive, [17] Motor Products, Östergrens Elmotor, Premotec, and Stature Electric.

Conflict minerals

Allied Motion Technologies says[18] that it supports ending the violence and human rights violations in the mining of certain minerals from a location described as the "Conflict Region" that is situated in the eastern portion of the Democratic Republic of the Congo (DRC) and surrounding countries. The U.S. Securities and Exchange Commission ("SEC") has adopted a final rule[19] to implement reporting and disclosure requirements related to "conflict minerals" (gold, tin, tantalum, and tungsten, the derivatives of cassiterite, columbite-tantalite, and wolframite) as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The rule requires manufacturers who file certain reports with the SEC to disclose whether the products they manufacture or contract to manufacture contain "conflict minerals" that are "necessary to the functionality or production" of those products. [19]

References

  1. ↑ http://www.streetinsider.com/Corporate+News/Allied+Motion+(AMOT)+to+Acquire+Heidrive+GmbH+in+~$22M+Deal/11175988.html
  2. ↑ http://www.financial-market-news.com/allied-motion-technologies-inc-amot-issues-quarterly-earnings-results/1087734/
  3. ↑ Grabowski, Roger J.; Harrington, James P.; Nunes, Carla. 2015 Valuation Handbook: Industry Cost of Capital. John Wiley & Sons. ISBN 9781119070474. Retrieved 26 October 2016.
  4. ↑ Student, Singleton (31 January 2012). "Allied Motion Is An Undervalued Growth Story".
  5. ↑ "Inside the Allied Motion-Globe Motors deal - Tampa Bay Business Journal".
  6. ↑ Colorado Secretary of State document no. 19871162507
  7. 1 2 3 4 5 Ibid, document no. 19871162508
  8. ↑ Colorado Secretary of State document no. 19871491362
  9. ↑ Securities and Exchange Commission, 10-K, report file name 0000950131-95-002690.txt
  10. ↑ Colorado Secretary of State, Allied Motion Technologies Filing Documents and History.
  11. ↑ Securities and Exchange Commission, 10-K, report file name a2059621z10-k.txt
  12. ↑ Securities and Exchange Commission, 8-K, report file name: a2087193z8-k.txt, August 13,2002
  13. ↑ Colorado Secretary of State Document no. 19871162508
  14. ↑ "Allied Motion Technologies zahlt Dividende aus - Nachricht - finanzen.net".
  15. ↑ "Allied Motion buys Globe for $90m to double in size - Drives and Controls Magazine".
  16. ↑ "New York company acquires Dayton manufacturer in $90M deal - Dayton Business Journal".
  17. ↑ http://www.streetinsider.com/Corporate+News/Allied+Motion+(AMOT)+Announces+Completion+of+~$22M+Heidrive+GmbH+Acquisition/11212788.html
  18. ↑ "Conflict Minerals".
  19. 1 2 https://www.sec.gov/rules/final/2012/34-67716.pdf
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