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Benchmark electronics completes Secure Technology acquisition

Benchmark Electronics has completed its acquisition of Secure Communication Systems, Inc. and its subsidiaries for a purchase price of USD 230 million.
The acquisition of Secure deepens Benchmark's engineering capabilities and enhances the company's ability to serve customers in the industrial, aerospace and defense markets.

"We are pleased to finalize this transaction and look forward to integrating Secure with Benchmark's engineering organization," said Gayla Delly, President and Chief Executive Officer of Benchmark.

"We are very excited to welcome Secure's more than four hundred talented team members to Benchmark. Together, we will offer an even broader range of capabilities and solutions to our customers through state-of-the art design, engineering, and manufacturing facilities. We believe that, with the addition of Secure, our organization is now even better equipped to address the increasing technical challenges and requirements of our targeted higher value markets. In addition, this acquisition drives more EPS and ROIC accretion than alternative uses of capital we evaluated, including a similar sized share buyback."

The transaction was financed with borrowings under the Company's new credit facility, which comprises a USD 230 million term loan and a USD 200 million revolver.


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