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Test & Measurement | July 07, 2008

Rood Technology acquires Microtec

Rood Testhouse (Rood Technology) has reached agreement about the acquisition of all the shares in the capital of Microtec, based in Stuttgart, Germany.
The combination of Rood Technology and Microtec, with consolidated sales in 2007 of approx. €17.5 million and close to 165 employees, will have a strong European market position, based on its present service provision: testing, test engineering, failure analysis and qualification.

Microtec is one of the independent testhouses in Europe, with a major position in both Opto Electronics (chips for optical applications) and with fabless semiconductor companies.

Sales for 2007 totalled €8.0 million, with an operating result (EBIT) of approx. €648,000 (under German GAAP). 40% of sales is realized in Germany, 16% in Britain, 12% in Scandinavia, 20% in Switzerland and the remainder in the rest of Europe. The company has approximately 65 employees.

The acquisition price of Microtec GmbH’s shares is € 3,050,000, of which € 2,800,000 will be paid immediately and € 250,000 at the end of 2008. The acquisition will be paid in cash, which has been raised partly by means of a share issue and partly by means of a bank loan in combination with a bridging loan. The acquisition has been made possible to a great extent by independent private investors as well as by TIIN (The Informal Investment Network).

Microtec will be effectively taken over as of 1 January 2008. Under IFRS, Microtec will be consolidated as from 3 July 2008.

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