Wednesday, November 17, 2004
SMTEK Acquired For $60M
Moorpark-based SMTEK International announced that it is being acquired by CTS Corporation, an electronic sensor and components and electronics manufacturing services business. The deal is worth $60M, and is a split of 75% cash and 25% stock. SMTEK provides turnkey electronic manufacturing services, and reported $102.4M in sales in the last 12 months. The companies said that SMTEK will be combined with CTS' EMS business unit, Interconnect Systems. The combination is expected to expand the operational footprint, customer base, and capabilities of the two companies.