High Volume division makes acquisition in China

Mycronic AB

2021-08-19 14:45 2523

STOCKHOLM, Aug. 19, 2021 /PRNewswire/ -- Mycronic's Assembly Solutions High Volume division has signed an agreement to acquire Shenzhen Huan Cheng Xin Precision Manufacture Co., Ltd., a company with around 120 employees and headquarters in Shenzhen, China.

Shenzhen Huan Cheng Xin Precision Manufacture Co., Ltd. produces automated screen printers and pick & place machines. Screen printers account for 80 percent of sales and pick & place machines for the remaining 20 percent. China is the company's dominating market, accounting for 95 percent of sales.

"With this acquisition we strengthen and broaden High Volume's product portfolio and are able to offer a more complete and attractive solution to our customers," says Ivan Li, Sr VP High Volume at Mycronic.

In 2020 sales in the acquired operation amounted to almost SEK 100 million. Initially 70 percent of the shares will be acquired. The remaining 30 percent can be acquired in 2025 in accordance with a pre-defined earnings multiple.

The transaction is expected to be finalized in the fourth quarter of 2021.

For additional information, please contact:

Ivan Li
Sr VP High Volume
Tel: +86 185 942 773 16, e-mail: ivan.li@mycronic.com

Sven Chetkovich
Director Investor Relations
Tel: +46 70 558 39 19, e-mail: sven.chetkovich@mycronic.com

The information in this press release was published on August 19, 2021, at 08:00 a.m. CEST

About Mycronic

Mycronic is a Swedish high-tech company engaged in the development, manufacture and marketing of production equipment with high precision and flexibility requirements for the electronics industry. Mycronic's headquarters are located in Täby, north of Stockholm and the Group has subsidiaries in China, France, Germany, Japan, the Netherlands, Singapore, South Korea, United Kingdom and the United States. Mycronic is listed on Nasdaq Stockholm. www.mycronic.com