e2v technologies plc, a specialist developer and manufacturer of high technology components and subsystems, has announced the acquisition of MiCS MicroChemical Systems SA from Renaissence PME, Saia Burgess Electronics Holding AG, the largest investors and others, for a total cash consideration of €5 M.
Based in Corcelles, a suburb of Neuchatel in Switzerland, MiCS MicroChemical Systems SA designs and manufactures specialist semiconductors primarily focused on air quality sensors, currently used mainly in automotive applications. This silicon-based gas sensing platform technology is complementary to e2v's existing silicon-based sensing technologies.
MiCS MicroChemical Systems SA has significant long-term contracts in place with a number of blue chip multi-national auto manufacturers with an estimated total value of €23 M over a six-year period. As of 31 December 2006 the company had gross assets of €1.3 M, and generated a loss before taxation €1 M for that year.
The company expects the acquisition to remain loss making post acquisition, but be earnings enhancing for the year ending 31 March 2009.
Commenting on the transaction, Keith Attwood, chief executive of e2v, said, “The acquisition of MiCS MicroChemical Systems SA is consistent with our strategy to extend our portfolio of specialist electronic components supplied into our established markets.”