News
Kester, a business unit of Northrop Grumman Corp., has been sold to American Capital Strategies Ltd. for an undisclosed amount.
At a press conference on Tuesday during APEX, Dave Torp, Kester's vice president of marketing and business development, announced that the company has just one announcement to make at the show this year--they have been acquired. The acquisition allows Kester to break from the defense arena and return to their roots of supplying to the assembly, component, electrical and industrial marketplace.
According to Torp, the acquisition allows Kester more freedom. "We have increased flexibility and agility within the marketplace, and can generate more buiness, especially in foreign entities," he siad. "With them [American Capital], we are free to market globally, manufacture and support customers, especially in China."
Kester was sold to American Capital "lock, stock and barrel," said Torp. He added that Kester's management team remains intact.
Torp also said that Kester comprises a large portion of American Capital's holding portfolio, allowing Kester to keep up with this constantly changing industry and new technologies. Kester also has implemented a "phase-gate system" which will allow them to accelerate new product development from years to months.
American Capital's investment takes the form of a revolving credit facility, senior term loans, senior and junior subordinated debt and preferred common equity. Post-closing, American Capital will own 84% of Kester on a fully diluted basis. The remaining ownership in the acquiring company represents amounts under the employee options program, as well as equity co-investors.
www.kester.com
Copyright 2004, UP Media Group. All rights reserved.
Tyco Electronics (Willow Grove, PA), a business segment of Tyco International Ltd., is highlighting the Kanetic product line at the APEX show taking place Feb. 24-26 in Anaheim, CA.
Tyco Electronics signed an exclusive licensing agreement with Kanetic that resulted in Tyco assuming all responsibility for the manufacture, sales and support of the Kanetic product line. This agreement provides customers Kanetic's product offerings along with Tyco's financial strength and worldwide sales and service capability.
The product line features an adjustable length edge belt workstation, magazine unloader, an inline board destacker, inverter, and magazine loader. All products have adjustable length, dual speed adjustment, thin board capabilities, a control board and flow reversibility.
Tyco Electronics Automation Group (TEAG), a business unit of Tyco Electronics, is a supplier of automated equipment that is used in the manufacturing of printed circuit board assemblies and systems.
http://automation.tycoelectronics.com
Copyright 2004, UP Media Group. All rights reserved.
Valor Computerized Systems (Yavne, Israel), a provider of software solutions for the electronics design and manufacturing industry, announced that the agreement with Denmark-based TraceXpert A/S, a provider of real-time production monitoring, machine-control and traceability solutions, has now been executed.
The completion of all legal and financial aspects of the agreement, first announced in December 2003, signals that Valor-Denmark is now fully open for business: to deliver the TraceXpert Manufacturing Execution System (MES) to the global electronics industry. The TraceXpert product delivers productivity-maximization, exact traceability and shop-floor parts-management solution. It includes real-time data-rich interfaces to surface-mount assembly lines from machine vendors such as Siemens, Universal and Fuji, and a major expansion program is to be implemented immediately, to substantially increase the machine-types coverage offered to the market.
Valor-Denmark A/S is a joint venture company, 50% owned by Valor and 50% owned by the shareholders of the predecessor-company, TraceXpert A/S. All intellectual property, management and employees of TraceXpert A/S will be transferred into Valor-Denmark, and Valor Ltd., Israel, will make a $4 million investment into the newly formed business in order to facilitate an immediate ramp-up in the rate of development of the TraceXpert solution. After 3 years of operations, Valor Ltd., Israel, will have first option to purchase all shares in Valor-Denmark.
Copyright 2004, UP Media Group. All rights reserved.
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