AMETEK, Inc. (NYSE: AME), whose shares are currently traded with a market capitalization of $39.3 billion, has announced a definitive agreement to purchase all outstanding shares of FARO Technologies, Inc. (Nasdaq: FARO) for $44 per share. The announced transaction puts the value of the FARO company at approximately $920 million, which is 40% more than the FARO share price currently.

Founded in 1981, FARO Technologies is a leading provider of 3D measurement and imaging solutions, including portable measuring arms, laser scanners and laser trackers, software solutions and comprehensive services. FARO’s precision manufacturing and digital reality solutions serve a variety of markets. The company’s annual sales are about $ 340 million.

This acquisition is expected to strengthen AMETEK’s portfolio in various growing markets, given FARO’s strong brand and global customer base. AMETEK, which generated $6.9 billion in revenue over the past twelve months, has maintained a strong financial position.

David A. Zapico, Chairman and CEO of AMETEK, stated that the acquisition aligns well with AMETEK’s growth strategy and will offer opportunities to increase growth and profit margins. Peter Lau, President and CEO of FARO Technologies, expressed excitement about joining AMETEK, emphasizing the potential for accelerated growth and innovation, continuing to provide cutting-edge solutions to our customers around the world.

AMETEK, with annual sales of about $7.0 billion, is a global provider of industrial technology solutions and whose shares have been listed on the New York Stock Exchange for more than 90 years. FARO Technologies has been a pioneer of 3D measurement for more than 40 years, connecting the digital and physical worlds with its solutions.