TEMPE, AZ – Amtech Systems will acquire BTU International in an all-stock transaction valued at $32.5 million, the firms say.
Under terms of the deal, Amtech will acquire all the outstanding stock of BTU, and BTU stockholders will receive 0.3291 shares of Amtech common stock for every share of BTU common stock. BTU stockholders will own approximately 23.9% of the combined company once the deal goes through.
The combined company generated pro forma revenues of $94.7 million, based on results for the 12-month period ended June 30 and June 29 for Amtech and BTU, respectively.
“This acquisition further advances our strategy to expand our technology portfolio in adjacent markets and creates a strong platform to drive the growth of our solar business,” said J.S. Whang, executive chairman of Amtech.
“BTU provides Amtech with complementary thermal processing technologies in the semiconductor, electronics and solar sectors, and
strengthens our footprint in China and other key geographic markets with attractive growth trends,” said Fokko Pentinga, CEO of Amtech.
Following the transaction’s close, Amtech expects to maintain BTU’s presence in existing locations, including North Billerica, MA, and Shanghai, China.
Amtech will expand its board of directors by one seat, which will be filled by Paul van der Wansem, BTU’s current chairman and CEO. In addition, van der Wansem will join the Amtech management executive committee.
Peter Tallian, COO of BTU, will be the general manager of the BTU International division.