Streetsboro -- When Ametek Inc., acquired Micro-Poise Measurement Systems of Streetsboro in October 2012, it was significant for the city, officials said.
"Micro-Poise is a good community partner and a good corporate partner," Mayor Glenn Broska said. "I wish we could have 10 more companies like them. It's a good acquisition for Ametek. From my understanding, our city is in no danger of losing Micro-Poise. Micro-Poise is in a niche market. There are not a lot of companies that do what they do."
Ametek acquired Micro-Poise Measurement Systems, a leading provider of integrated test and measurement solutions for the tire industry, from American Industrial Partners, a private equity firm, for about $170 million, Ametek officials said.
Micro-Poise has about 150 employees at its 140,000-square-foot building at 555 Mondial Parkway, which is its headquarters.
Micro-Poise has additional manufacturing operations in Troy, Mich.; Beijing; and Lübeck, Germany. The company had estimated 2012 sales of about $125 million, Micro-Poise officials said.
"This acquisition further broadens our position in the highly attractive materials test and measurement equipment market and makes us a leader in a growing industry segment," stated Ametek Chairman and CEO Frank S. Hermance in news release. "Micro-Poise is a great addition to Ametek. [Micro-Poise] has an excellent reputation within the industry and is the clear global leader in this niche, highly differentiated market."
Prior to moving to Streetsboro in August 2011, Micro-Poise had been located in East Akron near Goodyear Tire & Rubber Co.'s technical center.
Streetsboro leaders agreed to a tax abatement agreement in which the city is rebating 37.5 percent of Micro-Poise's withholding taxes for seven years, and the company will expand its Streetsboro payroll by 50 more jobs, including some high-paying engineering positions, within three years, city officials said.
After the rebate, Micro-Poise will generate more than $100,000 in annual income taxes for the city, officials said.
"I think it's fortunate for us to be able to retain them in this area," said Jeff Pritchard, former Streetsboro economic development director.
Broska agreed, saying, "Micro-Poise is the type of company that we wish we could attract more of. It's a sound, stable, well-run company. They pay a relatively high wage to their employees."
Micro-Poise's annual payroll is about $10 million and is expected to increase to about $12.1 million by 2018, according to a company press release.
Ametek is a leading global manufacturer of electronic instruments and electromechanical devices with annual sales of about $3.3 billion, according to the company website. The company's corporate office is in Berwyn, Pa.