AVX to Acquire Antenna System Manufacturer Ethertronics
With over 200 patents, Ethertronics operates facilities in six locations located in China, South Korea, Vietnam, France, Taiwan, and the U.S.
AVX Corp. recently announced that it has signed a definitive agreement to acquire Ethertronics Inc., a privately held manufacturer of passive and active antenna systems. Ethertronics is reportedly a leader in advanced antenna system technology and manufactures antenna products for wireless applications such as mobile phones, Wi-Fi, defense, aerospace, medical, and Internet of Things.
“The addition of Ethertronics is an exciting opportunity for AVX as we expand our extensive electronic product offering into a new arena,” said John Sarvis, president and CEO of AVX. “Ethertronics is a premier brand that we are proud to add to the AVX family. The combination of AVX and Ethertronics offers exciting growth potential for the years ahead.”
In accordance with the agreement, AVX will acquire Ethertronics for a consideration of $142 million in cash and assumption of $8 million of net debt, subject to normal working capital adjustments at closing. The transaction is subject to regulatory approvals and other conditions that are customary for transactions of this type.
With over 200 patents, Ethertronics operates facilities in six locations located in China, South Korea, Vietnam, France, Taiwan, and the U.S., comprising R&D, manufacturing, and sales office locations. In the financial year ended December 31, 2017, the company generated approximately $90 million of revenue. Ethertronics employs approximately 700 people, 120 of whom are in product development.