TABY, SWEDEN – Mycronic continued its acquisition push today, purchasing 100 percent of MRSI Systems for $40.7 million in cash.

The acquisition is effective Jun. 1, and is expected to be accretive to underlying EBIT in 2018. Under certain performance targets, an earn-out of up to $20.2 million will be paid in 2020, which could bring the total purchase price to $60.9 million in today's currency. Mycronic is financing the acquisition through cash on hand and bank financing.

North Billerica, MA-based MRSI manufactures die bonders for optoelectronics and microelectronics assembly. Its largest customer segment is optical communications, and other market segments include defense and aerospace, life science and advanced manufacturing. It  had net sales in 2017 of $31 million.

“MRSI is a perfect strategic match with Mycronic’s goal of adding leading businesses in the area of high precision and high flexibility equipment manufacturers for electronics assembly. This acquisition is a further step in executing our strategy of growing with profitability in adjacent market segments,” said Lena Olving, CEO and president, Mycronic.

“This acquisition will enable Mycronic to continue introducing exciting new products that address growing customer needs for increased precision, flexibility and speed. MRSI fits well with our growth strategy and is supported by several strong long term trends in electronics assembly,” said Thomas Stetter, senior VP and general manger, Assembly Solutions, Mycronic.

MRSI will be a part of the Assembly Automation division within the Assembly Solutions business area. The Assembly Automation division also comprises AEi (Automation Engineering Inc.), which is one of Mycronics recent acquisitions. MRSI will together with AEi broaden Mycronic’s product offering further, targeting additional electronics industry segments and strengthening the future offering to the automotive industry, for example in LiDaR (Light Detection and Ranging) sensor growth, driven by ADAS (Advanced Driver Assistance Systems) and Autonomous Driving.

"From our customer’s perspective, joining with Mycronic will enable MRSI Systems to continue to deliver best-in-class automated die bonding and dispensing systems and to accelerate exciting innovations in our hardware and software," said Michael Chalsen, president of MRSI, in an email to customers. "With access to the significant resources and geographic reach of a larger group, we intend to invest even further in our global sales and customer support teams and to extend our global reach by entering targeted new markets."

MRSI Systems will honor all existing agreements and outstanding purchase orders and quotations in accordance with their terms. and all key sales, customer service and technical points of contact will remain the same, Chalsen said.

Besides MRSI and AEi, Mycronic has acquired Vi Technology and RoyoTech Digitalelektronik and Kognitec Vertrieb and Service in the past two years.

Register now for PCB WEST, the largest trade show for the printed circuit and electronics industry in the Silicon Valley! Coming Sept. 11-13 to the Santa Clara Convention Center.

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