India-based electronics manufacturer Aimtron Electronics has acquired US firm ICS Company for USD 17 million, targeting expansion to USD 25 million revenue within three years while deepening presence in mission-critical industrial segments.
24 Jan 2026 | 231 Views | By Sarthak Mahajan
Aimtron Electronics Limited announced on January 23, 2026, the acquisition of International Control Services, Inc. (ICS Company), a US-based electronics system design and manufacturing (ESDM) and original design manufacturing (ODM) company headquartered in Decatur. The transaction marks a significant step in Aimtron's international expansion strategy, adding an established revenue base ...
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Aimtron Electronics Limited announced on January 23, 2026, the acquisition of International Control Services, Inc. (ICS Company), a US-based electronics system design and manufacturing (ESDM) and original design manufacturing (ODM) company headquartered in Decatur. The transaction marks a significant step in Aimtron's international expansion strategy, adding an established revenue base and specialized capabilities in high-reliability electronics.
The acquired business is projected to generate approximately USD 17 million in revenue based on CY 2025 estimates, with Aimtron planning to consolidate revenues starting in Q4 of FY26. The company has set an ambitious target to scale the business to around USD 25 million within the next three years.
ICS Company operates a 58,000 square foot manufacturing facility situated on approximately 3.9 acres in Decatur. The facility currently runs at about 54 percent capacity utilization, providing substantial room for growth. Aimtron intends to increase utilization to approximately 90 percent over three years through improved procurement processes, enhanced operating leverage, and targeted capacity expansion.
The acquisition brings several strategic advantages to Aimtron. ICS serves prominent global original equipment manufacturers (OEMs) including Caterpillar and John Deere across industrial and mission-critical segments. The company's customer base spans agrotech, oil and gas, mining, hardened electronics, heavy engineering, and medical technology sectors. The deal adds experienced engineering teams, proprietary intellectual property, and established customer relationships to Aimtron's portfolio.
Mukesh Jeram Vasani, Founder of Aimtron Electronics Limited, described the acquisition as "a decisive step in Aimtron's global journey" that significantly expands the company's North American footprint and deepens engineering capabilities. He emphasized that the integration accelerates Aimtron's evolution toward a comprehensive ESDM platform and supports the ambition of building a global electronics powerhouse.
Dennis Espinoza, Founder and CEO of ICS Company, welcomed the partnership, noting that combining ICS's Midwest engineering expertise with Aimtron's global resources and manufacturing scale enables more comprehensive solutions for customers. He highlighted opportunities to accelerate innovation and meet rising demand for rugged, high-reliability electronics in critical industries.
Nirmal Vasani, Chief Operating Officer at Aimtron Electronics, characterized the acquisition as a cornerstone of the company's "Glocal" strategy, which combines US engineering precision with India's large-scale manufacturing ecosystem. He positioned the move as a significant leap toward the vision of becoming a ₹1,000 crore global ESDM powerhouse.
Chris Espinoza, Vice President of ICS Company, pointed to the strategic advantage of the Midwest location at the heart of North America's productive farming regions, which positions the company well to support growing demand for advanced agrotech and rugged electronics solutions.
The transaction has been evaluated based on both historical and projected financials. Aimtron expects the acquisition to be margin-supportive and earnings per share (EPS)-supportive from the first year, while remaining aligned with the company's return on capital employed (ROCE) and return on equity (ROE) benchmarks.
This acquisition follows recent corporate developments at Aimtron, including the incorporation of Aimtron Mechatronics, a wholly owned subsidiary in Gujarat, and the raising of ₹100 crore through preferential convertible warrants. Together, these initiatives are expected to play a key role in helping Aimtron achieve its revenue target of ₹1,000 crore over the next three years.
Aimtron Electronics Ltd specializes in original design manufacturing, IoT solutions, defence electronics, and industrial systems. The company provides end-to-end solutions from concept design and prototyping to testing and mass production for clients across global markets. ICS Company is recognized as an industry leader in the low to medium volume electronics manufacturing services sector, with particular emphasis on industrial control, commercial, agricultural, and medical markets.