A framework for evaluating acquisition of new manufacturing technology is presented based on extensive reviews of various approaches available in the literature. The suggested evaluation procedure involves three hierarchical levels, namely, strategic evaluation, operational evaluation and financial evaluation. The need for quantifying intangible and complex strategic benefits, and comparing them with tangible financial benefits at the same level is eliminated. The paper describes a methodology for strategic evaluation, and suggests techniques that can be used for operational and financial evaluation. The framework identifies important research areas and provides guidelines to develop a better procedure for evaluating acquisition of new manufacturing technology.