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Scanfil Plc has signed an agreement with the owners of German contract manufacturer HASEC-Elektronik GmbH to acquire the entire shareholding of HASEC.
The purchase price is EUR 10.25 million, and Scanfil will finance the acquisition using its liquid assets and directing a share issue to the owners of HASEC as part of the payment of the purchase price. The part of the shares in the purchase price is EUR 2.2 million, which equals 544.554 Scanfil’s shares measured in March 2019 the average stock price. In this regard Scanfil will make a direct share issue to the sellers at the time of the closing of the transaction.
The acquisition is subject to customary closing conditions such as merger control filing and is expected to be finalized when customary closing conditions are met; the estimated time for the closing is during the second quarter of 2019. Scanfil will issue a release when the closing has taken place.
The acquired business will be incorporated into Scanfil's consolidated financial statements after the closing of the acquisition.
This acquisition strengthens Scanfil’s foothold in the German market and widens its customer base. Founded in 1991 HASEC has around 200 employees and operates from a production site in Wutha-Farnroda in near Eisenach, central Germany.The company's turnover in 2018 was EUR 37.1 million (2017 EUR 34.6 million), balance sheet total in 2018 was EUR 14.4 million (EUR 14.2 million) from which the equity value was EUR 7.2 million (EUR 6.9 million).
If the acquisition is realized, it is expected to have a positive impact on Scanfil Group’s sales and a slightly positive impact on operating profit in 2019.
"This acquisition will give a significant boost to Scanfil’s growth strategy by bringing in remarkable new customers and further strengthening our market position in Germany and wider in Central Europe. Scanfil and HASEC together will create an attractive EMS partner for German and Central European customers with strong local factory presence, design capability and access to global factory network and supply chain. HASEC has long-term relationships with its large amount of customers and an established position as a high-mix, low-volume manufacturer and complex systems integrator. Scanfil’s existing Hamburg factory will complement HASEC’s offering in Germany and in addition Scanfil’s global factory network will benefit HASEC’s customers,” says Petteri Jokitalo, CEO of Scanfil.
“Our companies share the same ideology and core strategy. Scanfil’s broad service offering and global footprint enable us to provide even better value to our customers. I also believe that being part of such a well-established global EMS, provides our employees with new and attractive opportunities,” comments Marco Zimmerman, CEO of HASEC.
Scanfil is an international contract manufacturer and system supplier for the electronics industry with 40 years of experience in demanding contract manufacturing. Scanfil provides its customers with an extensive array of services, ranging from product design to product manufacturing, material procurement and logistics solutions. Vertically integrated production and a comprehensive supply chain are the foundation of Scanfil’s competitive advantages: speed, flexibility and reliability.