Vancouver's Xantrex Technology Inc. (TSX:XTX) has completed the US$120 million sale of its programmable power business to Ametek Inc., a Pennsylvania-based manufacturer of electronic instruments.
The sale satisfies the completion of its $500 million sale of the company to Schneider Electric SA. Schneider is paying $15 per Xantrex share for the company and expects the sale to close before the end of October.
Schneider's Xantrex acquisition is the second its made in B.C. It bought Victoria-based Power Measurement in early 2005 for an undisclosed sum.
Xantrex's share price range during the past week: $14.70 and $14.76; 52-week high: $14.89; 52-week low: $4.61.