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CBA Group Announces Sale of Vitronics Soltec to ITW
The CBA Group, comprised of Universal Instruments Corporation, Vitronics Soltec, Unovis Solutions, and Hover-Davis, announced that they have finalized the sale of Vitronics Soltec to Illinois Tool Works Inc. (NYSE:ITW), the parent company of Speedline/Electrovert. ITW has acquired all of the outstanding shares of VS Acquisition Holding Inc., the parent company of Vitronics Soltec Corporation.
VS Acquisition Holding Inc. will be a wholly owned business unit of ITW and part of the company's existing power systems and electronics businesses. ITW will continue to operate VS Acquisition Holding Inc. as a separate business under the Vitronics Soltec brand name.
Vitronics Soltec, founded in 1916, is a global leader in the design and manufacture of mass soldering equipment for the global circuit board assembly market, with products covering the Reflow, Wave and Selective Soldering markets. Vitronics Soltec Corporation is based in Stratham, New Hampshire, with affiliates in Oosterhout, Holland and Suzhou, China. Direct sales and support centers are located in the United States, Holland, Germany, Singapore, Malaysia, Korea and Shanghai.
“It’s encouraging that an industry leader such as ITW was able to recognize the inherent value of Vitronics Soltec after such short time under the CBA Group. This agreement is an extremely good fit for Vitronics Soltec and represents the best long-term solution for the company”, said Jean-Luc Pelissier, CEO of the CBA Group. “ITW has a long and successful history of acquiring leading companies like Vitronics Soltec and helping realize their long-term growth potential through the application of the ITW Management Process. Vitronics Soltec is a perfect complement to ITW's PC Board Fabrication Business platform. The strength of this platform will provide for a positive future for the employees of Vitronics Soltec, resulting in continued growth of their leading position in the major markets worldwide.”
The transaction is in the best interest of all parties involved, and will allow CBA to sharpen its focus on the continuing success of Universal, Unovis, and Hover-Davis.
ENDS
To learn more, please visit www.vitronics-soltec.com or www.itw.com.
About the CBA group:
The CBA (Circuit Board Assembly) Ggroup is a global leader in the design, manufacture and delivery of disruptive technologies, systems and process solutions for the electronics assembly industry. The CBA Ggroup was created by Francisco Partners in 2006 as a holding of several companies that delivers a complementary portfolio of established brands such as Hover Davis, Universal Instruments and Unovis Solutions. The CBA Ggroup is headquartered in Binghamton, NY and operates in over 30 countries.
About ITW:
ITW is a $16.2 billion in revenues diversified manufacturer of highly engineered components and industrial systems and consumables. The company consists of approximately 825 business units in 52 countries and employs some 60,000 people.
| CBA Group contact |
Jeffrey Zopff
Universal Instruments Corporation
PO Box 825
Binghamton
NY 13902-0825
USA |
Tel: +1 607 779 5364
Email: zopff@uic.com
www.uic.com |
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