CTS has acquired SMTEK International
CTS Corporation (NYSE: CTS) today announced the completion of the acquisition of SMTEK International, Inc. SMTEK stockholders adopted the merger agreement, providing for the merger of SMTEK into a wholly owned subsidiary of CTS, at a special meeting held at SMTEK’s corporate offices located in Moorpark, California earlier today by a vote of over 63% of the SMTEK shares outstanding and entitled to vote on the merger, which was over 97% of the total shares voted. Lincoln Partners initiated this transaction, assisted in the negotiations and served as the exclusive financial advisor to CTS Corporation.
In accordance with the terms of the merger agreement, SMTEK stockholders will receive $10.725 in cash, without interest, and .2913 shares of CTS common stock for each share of SMTEK common stock they held at the close of business on January 31, 2005. No fractional shares of CTS common stock will be issued in the merger. SMTEK stockholders, who otherwise would receive fractional shares, will receive a cash payment in lieu of those fractional shares equal to the fractional share interest multiplied by $12.12.
Commenting on the acquisition, Donald Schwanz, CTS Chairman and Chief Executive Officer, said, “We are pleased to announce the completion of the acquisition of SMTEK. SMTEK offers an excellent strategic fit to our own EMS business, expanding our capabilities and geographic footprint, while diversifying our market and customer base. We are proud to welcome SMTEK to the CTS family.”
CTS Corporation is a leading designer and manufacturer of electronic components and sensors, and a provider of electronics manufacturing services (EMS) to OEMs in the automotive, computer and communications markets. The Company manufactures products in North America, Europe and Asia. The Company’s stock is traded on the NYSE under the ticker symbol “CTS.”
SMTEK International is an electronics manufacturing services (EMS) provider serving original equipment manufacturers (OEMs) in the medical, industrial instrumentation, telecommunications, security, financial services automation, aerospace and defense industries with integrated solutions ranging from design to end-of-life services. The Company’s four facilities are located in Moorpark and Santa Clara, California; Marlborough, Massachusetts; and in Bangkok, Thailand.
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