WALLINGFORD, Conn. (AP) -- Amphenol Corp. said Friday that it is buying GE's Advanced Sensors business for about $318 million.
The Wallingford, Conn., company, which makes fiber optic cables and related devices, said the acquisition will complement its core offerings.
General Electric Co.'s Advanced Sensors unit, based in Pennsylvania, makes sensors and sensor-based instruments used in transportation, medical and other industrial markets. It employs about 1,600 people worldwide.
Amphenol expects the deal will close by the end of the year. It should add to its earnings in the first year after its completion, the company said.
Shares of Amphenol rose $1.32, or 1.6 percent, to $84.04 by late afternoon, outpacing a broader market increase.
- Mergers, Acquisitions & Takeovers