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© pichetw dreamstime.com Business | July 01, 2015

SPTS selling its thermal products business to Sumitomo subsidiary

SPTS Technologies Group – an Orbotech company – has sold its Thermal Products business to SPP Technologies (SPT), a subsidiary of Sumitomo Precision Products.
SPT specializes in the production, sales and support of micro electromechanical systems (MEMS) and semiconductor related process equipment. The transaction includes sale of all thermal product lines and virtually all worldwide assets of SPTS's Thermal Product business, and will involve approximately fifty SPTS employees worldwide, who are currently engaged in the Thermal Products business, becoming employees of SPT.

Kevin Crofton, President of SPTS and Corporate Vice President at Orbotech said: "Historically, the Thermal Products business has been part of SPTS's growth and success, with a range of production-proven vertical batch furnaces that continue to be the process tools of choice at leading semiconductor fabs around the world. Divestment at this time, however, will benefit SPTS by enabling us to focus resources on our core Advanced Packaging, MEMS, RF and Power devices businesses. We believe this sale will provide new opportunities for the Thermal Products business under the ownership of SPT, and we wish them continued achievement and success."

Toshihiro Hayami, President of SPT, said: "This acquisition will allow us to expand the product portfolio that we offer our customers, create a footprint in the global semiconductor capital equipment industry and establish a worldwide presence for our company. We expect the Thermal Products business to contribute to the success of SPT and look forward to new product development activities related to this business in its current and adjacent markets."

SPT acquired the assets of the Thermal Products business based on a valuation of approximately USD 28 million, comprised of USD 22 million in cash plus approximately USD 6 million in accounts receivable.
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