Orbotech Ltd. has closed its acquisition of SPTS Technologies Group Ltd., in a strategic move into the high growth areas of Advanced Packaging and micro-electro-mechanical systems (MEMS).
Orbotech financed the acquisition, announced on July 7, 2014, using the proceeds of a new $300 million senior secured term loan facility and approximately $90 million cash on hand. The total consideration was $371 million.
“We are commencing our relationship with SPTS with great enthusiasm and anticipation” says Asher Levy, CEO of Orbotech Ltd. “We look forward to working with the outstanding SPTS team and combining the extensive know-how and core assets of both companies in order to further enhance Orbotech’s portfolio and industry leadership.”
Orbotech Ltd. proceeds technologies used in the manufacture of consumer and industrial products. The company provides production solutions, primarily for manufacturers of printed circuit boards, flat panel displays, and other electronic components, as well as character recognition for check and forms processing and solar photovoltaic manufacturing. The company is headquartered in Israel.
SPTS Technologies designs, manufactures, sells, and supports etch, PVD, CVD, and thermal capital equipment, providing advanced wafer processing technologies for the microelectronics industry. End-market applications include micro-electromechanical systems (MEMS), advanced packaging, LED, high speed RF device ICs, and power semiconductors. The company has offices in Newport, U.K., and San Jose, Calif.
Release Date: August 7, 2014
Source: SPTS Technologies Group