CTS purchasing Smtek International

Moorpark, CA—Smtek International Inc. reports that it has agreed to be acquired by CTS Corp. The acquisition is subject to approval by Smtek's shareholders, and is expected to close in the first calendar quarter of 2005.

11/30/2004


Moorpark, CA— Smtek International, Inc. reports that it has agreed to be acquired by CTS Corp. The acquisition is subject to approval by Smtek's shareholders, and is expected to close in the first calendar quarter of 2005.

The agreement calls for CTS to acquire all of Smtek's outstanding shares. Terms of the acquisition include payment to Smtek's common shareholders of $14.20 to $15.00 per share with 75% in cash, and 25% in CTS common stock. The final amount paid 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 of Smtek's outstanding debt.

CTS manufactures electronic sensors and components, and provides electronics manufacturing services (EMS), and has annual revenues of about $521 million. It's headquartered in Elkhart, Indiana, and has operations worldwide.

Once the acquisition is completed, organizers plan to combine Smtek with CTS' EMS business unit, Interconnect Systems. The combination is expected to expand the operational footprint, customer base, and capabilities of both businesses in the EMS market.

'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,' says James Burgess, Smtek's chairman. '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.'

Smtek is an electronics manufacturing services (EMS) provider serving original equipment manufacturers (OEMs) in the medical, industrial instrumentation, telecommunications, security, financial services automation, aerospace and defense industries. It offers integrated solutions across the entire product lifecycle, from design to manufacturing to end-of-life services.

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@reedbusiness.com





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Integrated mobility; Artificial intelligence; Predictive motion control; Sensors and control system inputs; Asset Management; Cybersecurity
Big Data and IIoT value; Monitoring Big Data; Robotics safety standards and programming; Learning about PID
Motor specification guidelines; Understanding multivariable control; Improving a safety instrumented system; 2017 Engineers' Choice Award Winners
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.
Motion control advances and solutions can help with machine control, automated control on assembly lines, integration of robotics and automation, and machine safety.
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Big Data and bigger solutions; Tablet technologies; SCADA developments
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
click me