Pursuant to the terms of the Acquisition Agreement, Artaflex has agreed to pay the shareholders and other security holders of MTI a cash purchase price of up to US $12,750,000 plus cash held by MTI as of the closing date less excluded liabilities and subject to certain closing working capital adjustments.
"We are extremely pleased to begin our expansion into the US with the acquisition of MTI. Their focus on manufacturing high mix, high reliability products in segments such as defence, aerospace and medical, as well as being centrally located in Milwaukee were key factors in our decision making process" says Paul Walker, CEO of Artaflex. "Our management team at Artaflex has had significant experience acquiring and growing operations in the US over the past 20 years, and with MTI as a base, we will be able to leverage that combined knowledge again".
Greg Martinek, President of MTI said "We are thrilled to join forces with Artaflex and serve as their gateway to the US marketplace. I've known Paul for several years and have been very impressed with what he has accomplished in the EMS industry". He added, "the similarities between our two organizations are amazing from our customer-centric cultures to business doctrines to our focus on high reliability products. Artaflex is an excellent fit for MTI". Southwest Securities Inc. of Dallas, Texas, acted as financial advisors to MTI in connection with the acquisition.