Fortive said the acquisition will bolster its position in the electronic test and measurement market. Elektro-Automatik is a German manufacturer of electronic test and measurement solutions for energy storage, mobility, hydrogen, and renewable energy markets. The company also provides test and measurement solutions across various industries, including automotive, aerospace, defense, industrial automation, and energy.

The news follows closely on the heels of a recent report from Reuters that Emerson Electric Co. and Keysight Technologies Inc. had shown keen interest in acquiring the German manufacturer. Fortive plans to finance the acquisition using a combination of available cash and debt financing.

Fortive’s decision to acquire Elektro-Automatik is a strategic move to solidify its presence in the electronic test and measurement market while also extending its product offerings into new sectors. Furthermore, the acquisition grants Fortive access to Elektro-Automatik’s expertise in energy storage and renewable energy applications.

This acquisition is part of Fortive’s ongoing series of strategic purchases within the industrial technology sector, which includes notable names such as Advanced Sterilization Products, Qualitest, and Advanced Sensors. Analysts view the acquisition of Elektro-Automatik as a favorable development, recognizing the potential for market expansion and technological advancement that will contribute to Fortive’s growth objectives.

The positive impact of this acquisition extends to Elektro-Automatik as well. Experts believe that the company will benefit from Fortive’s global reach and extensive resources, with the added advantage of gaining access to new markets and customer bases.