© mycronic Electronics Production | November 21, 2016
Mycronic acquires Automation Engineering, Inc
Swedish Mycronic AB acquires 100% of Automation Engineering, Inc. (AEI) in the USA.
The purchase price amounts to USD 35 million on a debt free basis and is financed with Mycronic’s own funds. Under certain conditions, based on parameters such as growth and earnings, an earn-out at a maximum amount of USD 27 million (approximately SEK 248 million) will be paid over two years. AEI develops manufactures, and sells innovative and market leading solutions for precision Camera Module Assembly and Test (CMAT) systems used in electronics products. The largest customer segment is the automotive industry. The company’s head office is located in Wilmington, MA in the USA, has subsidiaries in Germany and Hong Kong, and approximately 80 employees. AEI has experienced high levels of growth over the last years and in 2015 net sales reached approximately USD 19 million. Net sales for the first six months of 2016 reached approximately USD 11 million. “The acquisition of AEI is a strategic complement to our current business. We have been searching for interesting companies in segments adjacent to Mycronic. AEI matches our own product portfolio and areas of competence very well. I am happy to say that we are now expanding our offering with a world leading product. This strengthens our position in an industry with large requirements for high precision/high flexibility equipment,” said Lena Olving, President and CEO of Mycronic.