Electronics Production | November 22, 2004
CTS to acquire SMTEK
SMTEK International, Inc. announced an agreement to be acquired by CTS Corporation, a diversified manufacturing company with businesses in electronic sensors and components and electronics manufacturing services (EMS).
The agreement calls for CTS to acquire all outstanding shares of SMTEK. Terms of the acquisition include payment to SMTEK common shareholders of an amount equal to a minimum of $14.20 and a maximum of $15.00 per share, of which 75% is expected to be in cash, and 25% in the form of CTS common stock. The final amount per share to be paid to SMTEK common shareholders depends on a formula that includes the price per share of CTS common stock for the next 20 trading days. CTS will also assume all outstanding debt of SMTEK. The acquisition is subject to approval by shareholders of SMTEK and is expected to close in the first calendar quarter of 2005. A more complete description of the transaction will be included in SMTEK's filing on Form 8-K later today. CTS, with reported trailing-twelve-month total revenues of $521 million, is headquartered in Elkhart, Indiana, and has operations around the world, including facilities in China, Singapore, Taiwan, Scotland, Canada, Mexico, and the United States. Upon completion of the acquisition, the parties expect that SMTEK will be combined with CTS' EMS business unit, Interconnect Systems. The combination is expected to significantly expand the operational footprint, customer base, and capabilities of both businesses in the EMS market. SMTEK Chairman James Burgess commented: "This acquisition not only represents a milestone in the Company's history but also recognizes its achievement in emerging as a successful, effectively managed business with a strong competitive presence in the EMS industry. And by combining SMTEK's relative strengths with those of CTS, we feel the result will be significant business and financial benefits for both companies."
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