|2019 SITT pick and backyard company for me. IEC- IEC Electronics goes down today.|
IEC and Creation Technologies Sign Merger Agreement
Purchase Price of $15.35 per Share in Cash Transaction Valued at $242.3 Million Including Debt
Newark, NY and Boston, MA, August 12, 2021 – IEC Electronics Corp. (NASDAQ: IEC) (“IEC”) and Creation Technologies Inc. (“Creation”) today jointly announced the signing of a definitive merger agreement under which Creation will acquire all outstanding shares of IEC for $15.35 per share in cash, representing a fully diluted equity value of approximately $173.8 million and an aggregate enterprise value of $242.3 million, based upon net debt of $68.6 million. The transaction has been unanimously approved by the Boards of Directors of both companies.
IEC is a leading provider of high-complexity, low-to-medium volume electronic manufacturing services focused on high-reliability applications within the aerospace and defense, medical and industrial end markets. With its marquee, blue-chip customer base, the company has proven its ability to service the industry’s highest levels of quality and reliability. The merger will augment IEC’s existing production capabilities with access to Creation’s existing low-cost manufacturing facilities in Mexico.
Creation Technologies is a global EMS supplier with a focus on medium volume, high-reliability customers in aerospace and defense, medical and tech industrial markets. Creation and IEC combined will have more than 4,000 employees in facilities located in the USA, Canada, Mexico and China.
|To: ~digs who wrote (2908)||10/10/2011 7:20:44 PM|
|From: richardred|| Read Replies (3) of 6072|
|I also have a liking to companies I can follow closely. I call them my backyard companies. I own Ultralife, Lyon's National Bank, Veramark, & Harris, Harris has it's RF communications division in Rochester (most profitable division). ITT has it's Gould's pump division in Seneca Falls. I sold my IEC electronics earlier in the year. |
I also have Seneca Foods -SENEA on my watch list.
In the past my Champion Products was bought out along with my Genencor & Sybron.