Rockwell Automation Inc., an industrial automation equipment and services company, said Thursday it reached a deal to acquire U.K.-based Industrial Control Services Group Ltd. in a $218.3 million cash deal.
Industrial Control Services, an engineering services company, will be folded into Rockwell's Control Products and Solutions segment. The company, which provides services to the oil and gas industry, is projected to earn roughly $138.9 million for the year ended May 31. It has operations across Europe, the Middle East, Asia and North America with roughly 500 employees.
Rockwell expects the acquisition to slighlty dilute its earnings per share for the first full fiscal year and to add to earnings thereafter.
The deal is expected to close in the third quarter.
Shares of Rockwell rose 51 cents to $66.56 in midday trading.