Scanfil Acquires German Contract Manufacturer Hasec- Elektronik

Reading time ( words)

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.

About Scanfil

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.



Suggested Items

This Month in SMT007 Magazine: Business Practices Drive the Smart Factory, Not the Other Way Around (Part 1)

03/19/2020 | I-Connect007 Editorial Team
In Part 1 of this conversation, Sagi Reuven— business development manager at Mentor, a Siemens Business—makes the case that smart factory implementations must start with traditional process analysis and improvement before the data capture process is useful. He also covers how sometimes the key to utilizing Industry 4.0 comes from a change in mindset rather than a drastic change or investment in new equipment or processes.

IPC APEX EXPO 2020 Attendees Speak: Camille Sybert

03/13/2020 | I-Connect007 Editorial Team
"There’s a need for flexible solutions, so people are trying to make the most of the equipment that they buy, and they want to have the equipment that’s able to be flexible in scale with what it is that they’re looking for," said Camille Sybert of Nordson Electronics Solutions. "We have customers asking about future capabilities that they might not be ready for right now, but they want to know that it’s something that can be easily integrated into their processes in the future, as they’re in a position to better be able to do so."

IPC APEX EXPO 2020 Attendees Speak: Mike Montesi

03/02/2020 | I-Connect007 Editorial Team
"One of the biggest challenges for me selling is educating customers that they can generate oxygen and nitrogen on their own for up to 90% savings versus getting trucked in deliveries," said Mike Montesi of On Site Gas Systems. "It’s all about education because 98–99% of customers are used to the high cost of delivered gases, where we can separate it on-site with their own equipment, and the payback is typically under a year."

Copyright © 2020 I-Connect007. All rights reserved.