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COINING ACQUIRED BY AMETEK
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Release Date: Monday, May 09, 2011
May 9, 2011
AMETEK, Inc. announced today that it has acquired
Coining for $148 million in cash. Coining, the market leader for solder
and brazing preforms used in microelectronics packaging and assembly,
was previously owned by a private investor group led by Chattanooga,
TN-based River Associates Investments, LLC (also see www.ametek.com/press/press-display/AMETEK-ACQUIRES-COINING-HOLDING-COMPANY.aspx).
"Coining
is an outstanding addition to AMETEK's business portfolio and an
excellent fit with our engineered materials, interconnects and packaging
businesses," notes Frank S. Hermance, AMETEK Chairman and Chief
Executive Officer. "Coining's unique proprietary manufacturing processes
mesh well with our existing specialty metals capabilities."
Gary
Holcomb, CEO of Coining since 2004 and recently named Division Vice
President and Business Unit Manager, Coining Business Unit, adds
"Coining's management and employees are extremely pleased to be joining
AMETEK. We will become part of AMETEK's Specialty Metal Products unit
within the company's Engineered Materials, Interconnects and Packaging
(EMIP) Division." EMIP is a division within AMETEK's Electromechanical
Group – a differentiated supplier of electrical interconnects, specialty
metals, technical motors, floor care motors and specialty motors with
annualized sales of $1.3 billion.
River Associates (www.riverassociatesllc.com) made a
controlling investment in Coining in August of 2007. Over the course of
its investment, the company aggressively implemented numerous organic
and external growth initiatives including opening a sales office in
Shenzhen, China in July 2008 and acquiring Semiconductor Packaging
Materials ("SPM"), its largest competitor, in January 2009. In October
2010, Coining consolidated its operations with SPM's domestic
manufacturing activities into a new, state-of-the-art manufacturing
facility in Montvale, NJ, which resulted in significant cost savings and
manufacturing efficiencies. During River's majority ownership of just
under four years, sales grew from $19 million to approximately $65
million.
Coining, Inc. is the largest manufacturer of gold tin,
pure gold and other solder preforms and brazing preforms worldwide and a
leading producer of gold, copper and silver bonding wire, aluminum
bonding wire and ribbon, solder wire, jumper chips, bonding pads, tabs,
heat sinks, lead frames, solder spheres and cover assemblies for
microelectronics packaging and assembly. Its products are employed for
joining electronic circuitry, packaging microelectronics and providing
thermal and electric conductivity for a wide range of electronic
devices. Coining's offerings are used for highly engineered applications
in the RF/microwave, photonics, medical, aerospace, defense and general
electronics industries. The company manufactures products at its
facilities in Montvale, New Jersey, USA; Penang, Malaysia; and
Casablanca, Morocco, maintains a workforce of 200 employees worldwide
and supplies more than 1,000 customers in over thirty countries.
AMETEK
is a leading global manufacturer of electronic instruments and
electro-mechanical devices with annualized sales of $2.9 billion.
AMETEK's Corporate Growth Plan is based on Four Key Strategies:
Operational Excellence, Strategic Acquisitions & Alliances, Global
& Market Expansion and New Products. AMETEK's objective is
double-digit percentage growth in earnings per share over the business
cycle and a superior return on capital. The common stock of AMETEK is a
component of the S&P MidCap 400 and the Russell 1000 Indices.
For
more information about Coining, please visit www.coininginc.com or
email sales@coininginc.com. For information on
AMETEK, please visit www.ametek.com.
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