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SMT & Inspection | January 08, 2007

IPTE finalizes Barco PCB assembly take-over

evertiq.com reported earlier that Barco and IPTE have signed a Letter of Intent concerning the possible sale by Barco of the Electronic Manufacturing activity of the division Barco Manufacturing Services. Barco's PCB assembly activity is now part of the IPTE group.
IPTE NV has named an agreement with Barco NV to take over the PCB assembly activity of the Barco Manufacturing Services division.

Barco's PCB assembly activity will generate revenues of around EUR 60 million in 2006, that is around EUR 45 million of sales to other Barco divisions and EUR 15 million to outside customers. This assembly activity takes place in two plants, at Poperinge (Belgium) and at Kladno (Czech Republic). More than 350 persons are employed in this activity, 200 at Poperinge and 150 at Kladno.

As part of the agreement IPTE has signed a contract, under which Barco will, over a period of at least 5 years, regard IPTE as its main PCB assembler. Barco has also guaranteed IPTE annual sales of minimum EUR 40 million during the first three years and over EUR 25 million during the last two years of this agreement.

The take-over is based on the net carrying value of the assets and liabilities acquired. The effect on IPTE's income statement will be an increase of sales by around EUR 60 million (a 46 % increase on the IPTE' group's expected 2006 sales volume). The acquisition of all related assets and liabilities will increase the IPTE group's balance sheet total by around EUR 30 million (+ 33% on 30 September 2006 balance sheet total of EUR 90 million).

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