| CTS Acquires Orion Manufacturing |
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| Friday, 14 March 2008 05:36 | |||
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ELKHART, IN – EMS provider CTS Corp. announced the acquisition of privately held Orion Manufacturing Inc. for approximately $10 million in cash. CTS expects the transaction to be accretive in the first year. Under terms of the agreement, CTS may pay up to an additional $1.75 million in cash based on the achievement of certain financial targets in 2008 and 2009. San Jose-based Orion provides contract electronics manufacturing services to the defense, aerospace, industrial and medical markets. It had 2007 sales of approximately $27 million. The move will push CTS's estimated annual EMS revenues over $400 million. CTS will combine its operation in Santa Clara, CA, with Orion.
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