Precision Surfacing Solutions (formerly Lapmaster Wolters Group), a leading global supplier of equipment and services for precision lapping, polishing, grinding, and honing, announced today that it will acquire the photovoltaic and specialized substrate material (for semiconductor and sapphire industries) wafering equipment and service business of Meyer Burger (based in Thun, Switzerland).
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Brian Nelson, Chief Executive Officer of PSS: "The acquisition of Meyer Burger's wafering technology portfolio will further enable us to strengthen and grow our activities in our key markets, particularly in the semiconductor and consumer electronic segments. Our cutting edge Peter Wolters AC microLine technology (produced in Rendsburg, Germany) is already utilized by leading substrate wafer manufacturers and we feel that the addition of the MB wafering line will enable significant cross selling opportunities with our existing customer base and also provide the opportunity to offer unrivaled global service and technical support.
PSS intends to use the know-how of Meyer Burger's local workforce and to continue product development as well as manufacturing activities in non-PV wafering applications in Thun (Switzerland), where it has entered into a long-term rental agreement with Meyer Burger. Activities for production of photovoltaic wafering systems will remain in China. PSS will further maintain global service support for all current and future wafering customers worldwide. PSS will take over around 70 employees at the Thun location and an additional 26 globally. PSS Group Chief Technical Officer, Brett Rosenthal, further commented: "The acquisition of Meyer Burger provides PSS Group with a number of talented engineering and technical employees. I look forward to them joining my global engineering team and leveraging their expertise within the Group."
Hans Brändle, CEO of Meyer Burger: "Although Meyer Burger grew from its roots in the wafering industry, our main focus today is on PV cell coating and module connection technologies. As the new owner of our wafering portfolio and with its presence in the semiconductor industry, PSS is ideally positioned to fully maximize the synergies with our wafering technologies. I am very pleased that with PSS as the new owner, we have found a solution that is advantageous for both parties while at the same time securing both jobs and technology know-how in Thun."
Completion of the acquisition is subject to standard closing conditions. The closing of the transaction is expected to be completed towards the end of the first quarter of 2019. The agreed purchase price is CHF 50 million in cash, which represents the approximate one-time net sales of the wafering equipment business. The contract also includes an earn-out component based on certain revenue levels in 2019. Both Meyer Burger and PSS view the transaction as an important strategic milestone, which will further strengthen two global technology leaders.
Kelly Cavitt, Group Chief Financial Officer of PSS: added "We are excited to have reached final terms with Meyer Burger and feel that this acquisition is a win for both organizations. The addition of the wafering equipment business provides PSS with yet another well respected precision technology and further strengthens the long term financial outlook for the Group."
Precision Surfacing Solutions has solved the most challenging precision surfacing problems. With hundreds of years of experience within each of our brands, PSS has a proven history of successfully developing cost effective processing solutions for virtually any application.
About Precision Surfacing Solutions (PSS)
PSS is a global industry leader in the development of technology to produce micron accuracy surface finishes. Under the well recognized Lapmaster, Peter Wolters, ELB, aba, MICRON, REFORM, and KEHREN brands, PSS has a proven history of successfully developing cost effective processing solutions for the lapping, polishing, fine grinding, brush deburring, creep feed grinding, bore honing, double disc grinding, buffing through an expanding network of sales and services offices located throughout the world. The Company's 9,000+ active global customers utilize precision abrasive finishing technology for various end-user precision finishing applications. PSS is headquartered in Mt. Prospect, IL, employing over 900 people across thirteen manufacturing facilities on three continents. For more information, visit http://www.precision-surface.com.
About Meyer Burger Technology Ltd
Meyer Burger is a leading global technology company specializing in innovative systems and processes based on semiconductor technologies. The company's focus is on photovoltaics (solar industry) while its competencies and technologies also cover important areas of the semiconductor and the optoelectronic industries as well as other selected high-end markets based on semiconductor materials. As an international premium brand, Meyer Burger offers its customers in the PV industry superior products and innovative solutions for the manufacturing processes of wafers, solar cells and solar modules. The company provides substantial added value to its customers and clearly differentiates itself from its competitors by focusing on core technologies of the value chain. Meyer Burger's comprehensive product portfolio is complemented by a worldwide service network with spare parts, consumables, process know-how, customer support, after-sales services, training and other services. Meyer Burger is represented in Europe, Asia and North America in the respective key markets and has subsidiaries and own service centers in China, Germany, India, Japan, Korea, Malaysia, the Netherlands, Switzerland, Singapore, Taiwan and the USA. The company is also working intensively to develop new markets such as South America, Africa and the Arab region. The registered shares of Meyer Burger Technology Ltd are listed on the SIX Swiss Exchange (Ticker: MBTN). For more information, visit www.meyerburger.com.
Chief Financial Officer
Precision Surfacing Solutions (Formerly Lapmaster Wolters Group)
501 W Algonquin Road
Mount Prospect, IL 60056