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Kulicke & Soffa Closes Acquisition of Orthodyne Electronics
Monday October 6, 7:30 am ET
FORT WASHINGTON, Pa.--(BUSINESS WIRE)--Kulicke & Soffa Industries, Inc. (NASDAQ:KLIC - News) (“K&S” or the “Company”) today announced that the Company has completed the previously announced acquisition of Orthodyne Electronics Corporation (“Orthodyne”), the leading supplier of wedge bonders and wedges for the power management and hybrid module markets. The purchase price was 7.1 million shares of K&S common stock, plus $80 million in cash. The deal includes possible earn-out consideration of up to an additional $40 million in cash, if certain significant objectives related to gross profit are met by Orthodyne over the next three years.
“We are very pleased to complete the acquisition of Orthodyne’s business, a transaction that is in line with our long-term strategy to cement our position as a leading supplier in the semiconductor assembly space,” said Scott Kulicke, Chairman and Chief Executive Officer of K&S. “Under the strong leadership of its entire management team, Orthodyne has established itself as a fast growing, profitable market leader, particularly in the attractive power management and hybrid module markets. We welcome the management team and the 280 employees of Orthodyne to K&S. We are confident that their contributions will further position K&S to build on our already considerable strengths in equipment manufacturing.”
Mr. Kulicke continued, “We now possess a core competency across a full suite of interconnect technologies for a variety of semiconductor packaging applications. Furthermore, we can deliver even greater value to a broader base of customers and a larger Total Available Market for back-end assembly equipment. We believe this positioning provides the company more growth opportunities in traditional and emerging technologies regardless of the timing of the industry’s cycle.”
Added Maurice Carson, Chief Financial Officer of K&S, “This acquisition demonstrates our commitment to finding and driving profitable growth. We expect Orthodyne’s business will provide meaningful improvement to our operating margins and contribute to our growth strategy. Orthodyne has delivered double-digit compound annual revenue growth over the last five years and the power management and hybrid module markets are projected to grow at attractive levels. We believe this acquisition, combined with our other recent actions, will deliver value to our shareholders in both the short- and long- term.”
The Company will issue pro forma financial details for the Orthodyne and Heraeus transactions in an SEC filings in the coming weeks. |
