AVX Enters Agreement to Acquire American Technical Ceramics
AVX Corp. announced that it has signed a definitive agreement to acquire American Technical Ceramics Corp. (ATC).
John Gilbertson, President and Chief Executive Officer of AVX, stated, "The addition of ATC further broadens AVX’s offering in high reliability products. ATC is a premier brand that we are proud to add to the Advanced Products Group of AVX. They are well recognized for their leadership in the area of high frequency applications for a broad range of commercial and military applications. No finer brand name exists in many of those markets today. The combination of AVX and ATC offers exciting growth potential for the years ahead."
In accordance with the agreement, AVX would acquire by merger all of the outstanding capital stock of American Technical Ceramics in exchange for approximately $231 million in cash, or $24.75 per share. The transaction is subject to approval of the American Technical Ceramics shareholders, and other conditions, including regulatory approvals.
Victor Insetta, ATC’s President and Chief Executive Officer, and certain affiliated shareholders, representing approximately 49% of the outstanding common stock of ATC, have agreed to vote their shares in favor of the transaction.
Insetta commented, "This is an important milestone in the history of American Technical Ceramics. We have developed a strong business by listening to our customers and providing them with the highest quality products available. AVX is one of the leaders in our industry. They have a great understanding of and appreciation for our business and bring to bear the technological, marketing and financial resources that will enable ATC to move to the next level. I am very proud of what we have accomplished. I thank all of the dedicated employees who, through the years, helped us get to where we are today, and the many stockholders who, through the many ups and downs we experienced since going public in 1986, provided unwavering support."