Mycronic pays $41M for acquiring the American MRSI Systems
Mycronic AB, a Stockholm, Sweden-based manufacturer of microelectronics, announced getting into an agreement to acquire 100% of MRSI Systems, LLC (MRSI), headquartered in North Billerica, Massachusetts, in the USA.
The purchase price amounts to $40.7M (approximately SEK 358 million) on a cash and debt free basis and is financed with a combination of Mycronic’s own funds and bank financing.
The deal also includes an earn-out of a maximum amount of USD 20.2 million (approximately SEK 178 million), to be paid in 2020.
MRSI develops, manufactures and sells ultra-high precision die bonding systems for assembly of optoelectronics and microelectronics. The largest customer segment is the optical communication industry, which exhibits strong growth and is driven by increasing speeds in telecommunications and data communications. Other customer segments include defense and aerospace, life science and advanced manufacturing industries, where growth is driven by miniaturization of components.
MRSI recorded USD 31M in net sales in 2017.
Mycronic AB is a Swedish high-tech company engaged in the development, manufacture and marketing of production equipment with high precision and flexibility requirements for the electronics industry. Mycronic headquarters are located in Täby, north of Stockholm and the Group has subsidiaries in China, France, Germany, Japan, Singapore, South Korea, the Netherlands, United Kingdom and the United States.
MRSI will be a part of the Assembly Automation division within the Assembly Solutions business area. The Assembly Automation division also comprises AEi, which is one of Mycronics recent acquisitions. MRSI will together with AEi broaden Mycronic’s product offering further, targeting additional electronics industry segments and strengthening the future offering to the automotive industry, for example in LiDaR (Light Detection and Ranging) sensor growth, driven by ADAS (Advanced Driver Assistance Systems) and Autonomous Driving.