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Mycronic is to acquire atg Luther & Maelzer GmbH (atg), a leading global developer, manufacturer and supplier of advanced equipment for electrical testing of PCBs and substrate. The acquisition strengthens and broadens Mycronic's offering and creates a platform in the field of electrical testing.
atg, with approximately 190 employees and domiciled in Wertheim, Germany, develops, produces and sells advanced equipment that tests, measures and verifies PCBs and substrate. atg's leading position is built on proprietary technology for Flying Probe Test (FPT) Systems and Grid Test Systems. The Asian market, with a focus on China and Taiwan, accounts for approximately three-quarters of net sales.
"The PCB manufacturing market is performing well and is expected to develop further over the next few years. The addition of atg broadens our offering and creates a platform for electrical testing. The acquisition strengthens Mycronic generally and underlines the Global Technologies division's focus on leading niche technologies, which have the potential to grow faster than the market as a whole," says Anders Lindqvist, President and CEO of Mycronic.
Mycronic's acquisition of atg encompasses the entire global operations of the company, including companies in Taiwan, Germany and China. Following the transaction, which is expected to be finalized at the end of June 2021, atg will become part of Mycronic's Global Technologies division.
In 2020, atg's sales amounted to approximately SEK 420 million, with an EBIT margin of about 22 percent. The purchase consideration amounts to approximately SEK 1,100 million (USD 125 million) on a cash and debt-free basis and will be financed through a combination of own funds and bank financing. The seller is the US-based Cohu, Inc.