Firan Technology Group Corporation (FTG) Completes the Acquisitions of Holaday Circuits and IMI Inc.
April 28 2023 - 5:00PM
Firan Technology Group Corporation (TSX: FTG) today announced it
has acquired 100% of Minnesota based Holaday Circuits and 100% of
Massachusetts based IMI Inc.
Further to the previous announcements made by
FTG regarding these acquisitions, FTG has now attained the approval
from the Committee on Foreign Investment in the United States
(CFIUS) and all closing conditions have been met and both
acquisitions are now closed.
The IMI acquisition bolsters FTG presence in RF
circuit boards for the Aerospace and Defense market. The RF market
is growing, and IMI’s specialized capabilities will enable FTG to
better address this market segment and support our customers’
needs.
The Holaday Circuits acquisition gives FTG a
large, US based facility that can address the market for high
technology circuit boards, particularly for defense applications
which will again enable us to better support our customers.
Combined, the acquisitions had sales of about
$45 million pre pandemic. The combined purchase prices are
approximately $27M and the Holaday agreement also has an earn out
of up to approximately $6M depending on financial performance over
the next 18 months. The acquisitions will be funded primarily from
existing cash and bank facilities will be used for remaining
balance.
“FTG had identified a desire to add US
manufacturing capacity for RF and high technology product for
aerospace and defense applications. These acquisitions accomplish
this and will complement FTG’s existing capabilities and
locations,” stated Brad Bourne President and CEO, FTG Corporation.
He added, “Having met the teams at IMI and Holaday Circuits, I am
truly thrilled by their skills, dedication and commitment to
excellence and I welcome them all to FTG.”
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics
product and subsystem supplier to customers around the globe. FTG
has two operating units:
FTG Circuits is a
manufacturer of high technology, high reliability printed circuit
boards. Our customers are leaders in the aviation, defense, and
high technology industries. FTG Circuits has operations in Toronto,
Ontario, Chatsworth, California, Fredericksburg, Virginia,
Minnetonka, Minnesota, Haverhill, Massachusetts, and a joint
venture in Tianjin, China.
FTG Aerospace
manufactures illuminated cockpit panels, keyboards and
sub-assemblies for original equipment manufacturers of aerospace
and defense equipment. FTG Aerospace has operations in Toronto,
Ontario, Chatsworth, California, and Tianjin, China.
The Corporation's shares are traded on the Toronto Stock
Exchange under the symbol FTG.
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements. These forward-looking statements are
related to, but not limited to, FTG’s operations, anticipated
financial performance, business prospects and strategies.
Forward-looking information typically contains words such as
“anticipate”, “believe”, “expect”, “plan” or similar words
suggesting future outcomes. Such statements are based on the
current expectations of management of the Corporation and
inherently involve numerous risks and uncertainties, known and
unknown, including economic factors and the Corporation’s industry,
generally. The preceding list is not exhaustive of all possible
factors. Such forward-looking statements are not guarantees of
future performance and actual events and results could differ
materially from those expressed or implied by forward-looking
statements made by the Corporation. The reader is cautioned to
consider these and other factors carefully when making decisions
with respect to the Corporation and not place undue reliance on
forward-looking statements. Other than as may be required by law,
FTG disclaims any intention or obligation to update or revise any
such forward-looking statements, whether as a result of new
information, future events or otherwise.
For further information please contact:
Bradley C. Bourne, President and CEOFiran Technology Group
CorporationTel: (416) 299-4000 x314bradbourne@ftgcorp.com
Jamie Crichton, Vice President and CFOFiran Technology Group
CorporationTel:(416) 299-4000 x264jamiecrichton@ftgcorp.com
Additional information can be found at the
Corporation’s website www.ftgcorp.com
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