© Jenoptik Business | July 11, 2018
Jenoptik acquires Prodomax Automation
Jenoptik has entered into an agreement to acquire 100 percent of the Canadian company Prodomax Automation Ltd. for a consideration of slightly below 2x expected sales, or around 7x expected 2018 EBITDA.
In its fiscal year 2017 (Nov. 1, 2016 – Oct. 31, 2017) Prodomax Automation’s revenue was some CAD 65 million (EUR 42 million) with a profitability clearly above Jenoptik’s Group average. The contract was signed on July 10, 2018, closing is expected within the next few weeks. Prodomax, founded in 1971 and headquartered in Barrie, Ontario, Canada, employs about 180 staff and specialises in process automation for the automotive industry. With the acquisition, Jenoptik aims to strengthen its position as a provider of complex automated manufacturing solutions the company has embarked on with the acquisition of Five Lakes Automation (FLA) in 2017. Like FLA, Prodomax will become a part of the Group’s global laser processing business. Similar to FLA, Prodomax plans and designs automated production lines as well as integrates them in the customer’s manufacturing environment. Whilst FLA focusses on small and medium-sized contract business, Prodomax has the capacities and the strong customer basis to pursue larger projects, a press release states. Due to the acquisition Jenoptik will be able to tap into new areas of application for its 3D laser machines in future. “With the acquisition of Prodomax and our expertise in laser material processing we take a huge step towards becoming an integrated provider of advanced manufacturing environment”, says Stefan Traeger, President & CEO of Jenoptik AG. In addition, Prodomax benefits from the strong US presence of the Jenoptik Group: “In combination with FLA’s automation solutions and the laser processing business we can evolve into a global production integrator. Together with Jenoptik, we will be able to win new customers, extend our know-how to other production steps in the manufacture of, for example, doors or tailgates, and to gradually transfer our competencies to other industries”, say Don Leslie and Carolyn Garvey, Co-CEOs of Prodomax. “With the acquisition of Prodomax announced today and a continuing good demand in the Groups’ business overall, we now see 2018 revenue of Jenoptik to exceed our current guidance for the year. Including the consolidation of the new Canadian company pro-rata for the rest of the year, we expect group revenue to be between 805 and 820 million euros in 2018 against our original guidance range of 790 and 810 million euros”, explains Stefan Traeger.
Foxconn and Heraeus sign MoU Foxconn Technology Group and Heraeus have signed a Memorandum of Understanding for a strategic cooperation within the space of 5G.
BAE to pick up Collins Aerospace’s GPS business and Raytheon’s ATR business BAE Systems has reached definitive agreements for the proposed acquisitions of Collins Aerospace’s military Global Positioning System (GPS) business and Raytheon’s Airborne Tactical Radios (ATR) business.
JEOL Ltd. acquires Integrated Dynamic Electron Solutions JEOL Ltd. , manufacturer of semiconductor equipment and other industrial instruments and equipment, announced the acquisition of Integrated Dynamic Electron Solutions Inc. (IDES), an entrepreneurial venture specializing in technologies related to transmission electron microscopy (TEM).
NEXT receives major order for Indian government program NEXT Biometrics has received an order for UIDAI and STQC certified fingerprint biometric readers in India with a value of USD 750,000.
Sponsored content by CMLCML manufactures Metal Substrate solutions Printed circuit boards (PCBs) plays an important role in our day to day life. Whether it’s the car you’re driving, the phone that you’re scrolling through or computers that you’re sending emails from. What happens when you use heat generating components on a PCB? That’s right, cooling is needed!
Cadence completes acquisition of AWR from NI Cadence Design Systems, Inc. has completed the acquisition of AWR Corporation from National Instruments Corporation.
Fiat Chrysler and Foxconn plans EV joint venture A new competitor in the industry for electric vehicles are in the making.
Collins Aerospace inks multimillion-dollar space contract Collins Aerospace Systems has signed a contract with Lockheed Martin to provide critical subsystems to support production of NASA’s Orion spacecraft fleet for Artemis missions III through VIII.
Imagination Technologies expands with new European design centre Imagination Technologies has opened a new design centre in Timisoara, Romania. The centre will focus on IP designed for artificial intelligence (AI) and computer vision.
AKI Electronic becomes Schurter Electronics As part of the further integration into the Schurter Group, AKI Electronic spol. s r.o. changes its name to SCHURTER Electronics spol. s r.o.
From Bosch to Silicon Mobility - Kallenbach takes the helm Automotive semiconductor company, Silicon Mobility, has appointed former Robert Bosch GmbH executive Rainer Kallenbach as CEO of the company as of January 6, 2020. The current CEO Bruno Paucard will remain with the company as COO and on the Board of Directors.
NEXT Biometrics reorganises - reduces headcount NEXT Biometrics says it is executing a program to optimise the organisation and cost base with its strategic priorities and market opportunities; which also translates to layoffs
LPKF delivers laser system to semiconductor industry customer In December, LPKF delivered – for the first time – a highly automated version of its LIDE system for integration into a semiconductor fab to an unnamed semiconductor manufacturers.
ROHM company SiCrystal & STMicro ink wafer supply deal ROHM and STMicroelectronics have signed a multi-year silicon carbide (SiC) wafers supply agreement with SiCrystal, a ROHM group company having a top share of SiC wafers in Europe.
Cadence expands collaboration with Broadcom Cadence Design Systems says it has expanded its collaboration with Broadcom Inc. for the creation of semiconductor solutions targeting next-generation networking, broadband, enterprise storage, wireless and industrial applications.
Marvell expands R&D footprint in India Marvell has announced the addition of its new facility in Bangalore, part of Marvell India Private Limited, the company’s second largest research and development (R&D) effort spanning three sites – Bangalore, Pune and Hyderabad.
imec spin-off raises €4,5 million in funding MICLEDI Microdisplays, the latest spin-off of imec, has raised EUR 4,5 million seed capital from imec.xpand, with participation of PMV and FIDIMEC.
Synopsys to acquire certain IP assets of INVECAS The acquisition broadens the company’s IP portfolio and adds a team of experienced R&D engineers to the company’s development department.
Fire at Kioxia's Yokkaichi NAND fab A fire broke out at Kioxia’s Yokkaichi plant – a joint venture facility owned by Kioxia and Western Digital – in Japan on January 7.
New Hella electronics JV starts production in China The joint venture HELLA BHAP Electronics has started production. The company was founded in 2018 by HELLA and BHAP, one of the largest automotive suppliers in China.
European backing for Prodrive's growth plans The European Investment Bank is providing a EUR 50 million loan to Dutch technology company Prodrive Technologies.
Murata acquires 3DHaptics company Murata Manufacturing and MIRAISENS, which offers haptic solutions technology using 3DHaptics technology, have signed an agreement for MIRAISENS to become a wholly-owned subsidiary of Murata Manufacturing.
Diodes updates on Lite-On acquisition Since the initial announcement of the acquisition back in August, 2019, all customary closing conditions have been met, including approval by the Lite-On shareholders. In conjunction, Diodes has been working through the final process of securing the required regulatory approvals in both Taiwan and China.Load more news