Ultra Clean Holdings, Inc. Completes Strategic Merger with Advanced Integration Technologies
Published on Monday, 09 July 2012 08:47 Written by TradersHuddle Staff
The merger will add new customers, increase manufacturing capabilities, and leverage global expansion opportunities for the combined company
HAYWARD, Calif., July 9, 2012 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT) a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, medical, energy, and research industries today announced that it has completed the previously announced merger with Advanced Integration Technologies (AIT). AIT is recognized as a major supplier of critical subsystems and complete tools for the semiconductor capital equipment, medical device, and industrial equipment markets.
The merger benefits UCT in a number of strategic areas. The deal adds major new customers in the semiconductor capital equipment market and new customers in other markets, particularly medical equipment. It adds significant new capabilities to UCT in the manufacture of complete tools as well as adding frame manufacturing and sheet metal fabrication capabilities. The addition of AIT's revenue will significantly increase UCT's overall scale; in 2011 AIT had revenues of nearly $170M. The merger is expected to be accretive to earnings for the balance of 2012 and for all of 2013.
In addition, the move will leverage combined Asian manufacturing capabilities, support global expansion opportunities, and provide an enhanced customer value proposition through UCT's vertical integration model.
Advanced Integration Technologies is headquartered in Chandler, Arizona. With its high degree of vertical integration, which includes frame and sheet metal fabrication, AIT's capabilities span the entire spectrum of complex module and sub-system manufacturing, including advanced electro-mechanical systems integration as well as complete turnkey solutions. This vertical integration will enable UCT to design, engineer and manufacture complex products in a fashion that keeps costs down while improving quality and shortening order-to-delivery cycle times. With proven leadership and strong financial performance the influence of the merger extends across numerous industries, including the semiconductor, medical device, research, energy, flat panel and industrial markets.
Clarence Granger, UCT's Chairman and Chief Executive Officer, commented on the news: "We are very enthusiastic about concluding this merger which demonstrates UCT's commitment to innovate and evolve with the changing market landscape. We expect the addition of AIT's experience and expertise will broadly increase our level of vertical integration and turnkey systems expertise as well as being financially accretive. Also, by adding AIT's highly skilled workforce to UCT's core team we will significantly enhance our ability to identify and penetrate new business opportunities. The net effect will be a greater ability to meet or exceed our customers' growing need for outsourced manufacturing solutions, plus a strategic move toward expanding our global footprint." Ted Johnson, President of AIT adds: "I'm very excited about merging UCT and AIT, as I believe the move enhances our combined capabilities. It enables us to better serve our customers, explore new markets, and deliver exciting opportunities for our employees and other stakeholders."
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems for the semiconductor capital equipment, flat panel, medical, energy and research industries. The company offers its customers integrated outsourced solutions for gas delivery systems, complex process modules, as well as complete turnkey systems integration. Ultra Clean Holdings' customers are primarily original equipment manufacturers for the semiconductor capital equipment, flat panel, medical device, energy and research industries. UCT has locations across the United States and Asia, and is headquartered in Hayward, California. Additional information is available at www.uct.com
About Advanced Integration Technologies
Advanced Integration Technologies, an ISO 9001:2008 certified manufacturer, is a supplier of critical subsystems to the semiconductor, medical device, alternative energy, and industrial industries. AIT's capabilities cover the entire spectrum of complex system and sub-system manufacturing, from engineering and design to advanced electro-mechanical integration and complete turnkey builds. AIT is headquartered in Chandler, Arizona, with additional locations in California, Texas, and Asia. Additional information is available at www.aitint.com
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "projection", "forecast", "believes," "plan," "expect," "future,"' "intends," "may," "will," "should," "estimates," "predicts," and similar expressions to identify these forward-looking statements. Forward-looking statements included in this press release include our expectations with respect to our acquisition of AIT, including synergies and benefits of the transaction. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, our actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K for the year ended December 30, 2011 filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information future developments or otherwise.
SOURCE Ultra Clean Holdings, Inc.
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