Passive components have been in the dumper for a while, but they've talked about getting more business from chip capacitor arrays. I don't remember the details, but I read somewhere that ESI performed a mechanical inspection of capacitors that had already been checked by humans and found a significant number of faulty parts.
It seems like the costs of production in passive components will demand more automation. Don't know exactly how this company fits into ESI's product road map, but I sure hope there is a pent up demand to get some business started.
Anyway, looks like they know the company and this Josef Baumann. We shall see.
Hope you enjoy the new sound system. My wife asked me what I would buy with some recent gains and I said a surfboard. Yeah, have to get a reward every now and again.
Regards,
Mark
ESI Announces the Acquisition of Testec Corporation
PR Newswire - January 15, 1999 13:15
PORTLAND, Ore., Jan. 15 /PRNewswire/ -- Electro Scientific Industries, Inc. (Nasdaq: ESIO) announced the acquisition of Testec Corporation. The terms of the acquisition include exchanging 500,000 shares of ESI common stock for all of the capital stock of Testec in a pooling-of-interests transaction.
Testec, a privately held company, was founded in 1994 in Phoenix, Arizona to provide electrical test systems for the passive component marketplace. Testec is an established leader in providing test equipment for specialty passive devices such as chip capacitor arrays.
ESI also announced the appointment of Josef K. Baumann, former President of Testec, to the position of ESI Corporate Vice President and President of ESI's Electronic Component Systems business.
"Testec has been very effective at developing and bringing high-quality, high-value products to market quickly and has built strong customer relationships," said Donald R. VanLuvanee, ESI President and Chief Executive Officer. "Josef brings a broad market orientation which will add to our existing capabilities in that area, and the Testec products will leverage our existing strength in manufacturing and distribution."
VanLuvanee continues, "Testec products will be integrated into our Escondido, California based capacitor manufacturing equipment product lines expanding our capability to meet customer needs."
Prior to founding Testec, Baumann held various product marketing and management positions, including almost fifteen years with ESI in both Germany and the United States. He holds a Master of Science degree in Electrical Engineering from the Technical University in Munich, Germany.
About ESI
ESI, headquartered in Portland, Oregon, designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnection; and machine vision systems. Electro Scientific Industries is traded on the NASDAQ National Market System under the symbol, "ESIO." ESI's web site is esi.com.
Statements in this press release may include forward-looking statements that involve a number of risks and uncertainties that could cause actual results to materially differ, either better or worse, from those discussed. Such risks and uncertainties are numerous and are identified in the Company's Annual Report on Form 10-K and interim reports on Form 10-Q.
SOURCE Electro Scientific Industries, Inc.
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