CTS to acquire SMTEK International
Nov 23, 2004 2:56 PM
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CTS Corporation has reached a definitive agreement to acquire electronic manufacturing services provider SMTEK International Inc. at somewhere between $14.20 and $15 per share. SMTEK earned approximately $4 million on sales of $102.4 million in its last reported 12 months. CTS, a maker of components and sensors as well as an EMS provider to the automotive industry, expects the combined EMS operation to have revenues of approximately $360 million.
“The combination brings CTS an expanded geographic and market footprint and significantly broadens the engineering capabilities we can bring to our customers, says CTS chairman and CEO Don Schwanz. SMTEK has strong operational capabilities on the West Coast, the East Coast and in Thailand. CTS has EMS operations on the East Coast, in Europe, China and Singapore. CTS expects the transaction to close in the first quarter of 2005.
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