MILWAUKEE (AP) — Brady Corp. said Friday that it has acquired Precision Dynamics Corp. from private equity firm Water Street Healthcare Partners for $300 million in cash.

The deal will help Milwaukee-based Brady, which makes identification and protection products, get a stronger foothold in the health care market.

Precision was founded in 1956 and based in Valencia, Calif. It makes identification products used in the health care market, such as patient wristbands. It has annual sales of roughly $173 million and employs approximately 1,000 people globally.

Brady expects one-time acquisition costs of $8 million to $12 million. Excluding these costs, Brady expects the deal will add 10 to 15 cents to earnings per share in its first full year after completion.

Its shares fell 38 cents to close at $32.73.