Celestica has agreed to access Impakt Holdings, a provider of design, engineering and active accomplishment solutions for the display, semiconductor, and solar industries LLC, for $329 million. The accord is accepted to aing in the fourth division of this year. Moelis & Aggregation LLC provided banking admonition to Celestica on the transaction while Stifel and Lincoln International did additionally for Impakt. Toronto-based Celestica is a electronics accomplishment casework company. Impakt was a portfolio aggregation of Graycliff Partners.
TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) — Celestica, Inc. (NYSE, TSX: CLS), a baton in design, accomplishment and accumulation alternation solutions for the world’s best avant-garde companies, today appear that it has entered into a absolute acceding to access Impakt Holdings, LLC.
Impakt is a highly-specialized, angular chip architect accouterment accomplishment solutions for arch OEMs in the semiconductor and Organic Light Emitting Diode (OLED) affectation industries, as able-bodied as added markets acute circuitous artifact services. Founded in 1977, the aggregation is headquartered in Santa Clara, with operations in California and South Korea.
Through this acquisition, Celestica expects to accretion significant, new capabilities in large-format, complex, high-mix accomplishment solutions for assorted industries, and augment its attention basic manufacturing, abounding arrangement assembly, affiliation and machining capabilities. In addition, Celestica anticipates that it will account from Impakt’s abounding spectrum of specialized vertical casework including its South Korea-based machining and accomplishment expertise. In affiliation with Celestica’s accepted basic accessories business, Impakt’s vertical affiliation will accredit Celestica to accommodate added able end-to-end artefact activity aeon solutions beyond a assorted set of markets.
“The accretion of Impakt will enhance Celestica’s position as the bigger end-to-end basic accessories architect in our industry,” said Rob Mionis, President and CEO, Celestica. “Through Impakt’s all-encompassing capabilities, we will be able to accommodate barter with alike added and broader basic accessories accomplishment casework including in-region and vertical offerings. Impakt will additionally aggrandize Celestica’s added bigger end bazaar aural our growing $2.2 billion ATS segment, and is able-bodied accumbent to our aggregation action of accretion and diversifying our all-embracing acquirement and allowance mix through targeted investments and acquisitions.”
“Impakt’s abysmal ability in its amount markets will fit able-bodied with Celestica and its arch position in basic accessories manufacturing,” said Dan Rubin, CEO of Impakt. “Together, Impakt and Celestica accept the befalling to actualize acute end-to-end solutions for our barter beyond assorted markets and in key geographies.”
Celestica will acquirement Impakt for US$329 million, and the transaction is accepted to be accretive to circumscribed non-IFRS operating margin* and all-embracing ATS allowance aloft closing. We intend to accounts the acquirement price, which is accountable to specific adjustments set alternating in the absolute agreement, with a aggregate of borrowings beneath the company’s accepted acclaim facility. The accretion is accepted to aing in the fourth division 2018, accountable to cancellation of applicative authoritative approvals and achievement of added accepted closing conditions.
* See Non-IFRS Measures below.Moelis & Aggregation LLC acted as absolute banking adviser to Celestica, and Blake, Cassels & Graydon and Arnold & Porter as its acknowledged counsel. Stifel and Lincoln International acted as banking admiral to Impakt.
Management to host a appointment callManagement will host a abrupt appointment alarm today at 8:00 a.m. Eastern Daylight Time to altercate the acquisition. The webcast can be accessed by buzz at (877) 291-4570. A webcast for the advertisement will be accessible at https://corporate.celestica.com/events-and-presentations at about 8:00 a.m.
Company reiterates Third Division 2018 OutlookThe aggregation is bombastic its third division angle for the division concluded September 30, 2018, which was originally provided on July 31, back it appear its added division results.
Company increases circumscribed non-IFRS operating allowance ambition for the aing 12-18 monthsIn July 2018, the aggregation appear its ambition of non-IFRS operating allowance in a ambition ambit of 3.5% to 4.0% over the aing 1-3 year period. The aggregation has added and accelerated this ambition ambit to 3.75% to 4.5% over the aing 12-18 months. The advancing access and dispatch is a aftereffect of added allowances advancing from several ahead appear cardinal initiatives associated with: (i) the assay of its Connectivity and Cloud Solutions (CCS) portfolio, advised to advance banking achievement in this segment, (ii) its $50-$75 actor restructuring affairs which is accepted to be completed by the added division of 2019, and (iii) connected amplification of its Advanced Technology Solutions (ATS) articulation acquirement portfolio, which has been growing organically, as able-bodied as through strategy-aligned acquisitions such as Atrenne Chip Solutions, Inc. and its advancing accretion of Impakt.
The aggregation intends to address its third division after-effects on October 24, 2018 and accommodate any added advice associated with banking after-effects and targets at that time.
Celestica to accept added banknote gain and accelerated acquittal of all banknote gain from auction of absolute acreage in Toronto
Celestica now anticipates accepting added banknote proceeds, as able-bodied as the accelerated acquittal of all banknote proceeds, associated with the auction of the Toronto absolute property. Based on new acceding associated with the Toronto absolute acreage auction agreement, the aggregation now anticipates the abounding acquittal of all actual gain of $122 actor Canadian dollars (approximately $100 actor at accepted barter rates) aloft closing of the transaction. The closing of the transaction is currently advancing to action backward in the fourth division of 2018, or in the aboriginal division of 2019.
About CelesticaCelestica enables the world’s best brands. Through our accustomed customer-centric approach, we accomplice with arch companies in aerospace and defense, communications, enterprise, healthtech, industrial, semiconductor basic equipment, and acute activity to bear solutions for their best circuitous challenges. A baton in design, manufacturing, accouterments belvedere and accumulation alternation solutions, Celestica brings all-around ability and acumen at every date of artefact development – from the cartoon lath to all-encompassing assembly and after-market services. With accomplished teams beyond North America, Europe and Asia, we imagine, advance and bear a bigger approaching with our customers.
About ImpaktImpakt Holdings LLC, a Graycliff Partners portfolio company, is a a captivated all-around angular chip arrangement manufacturer. Impakt provides design, engineering and active accomplishment solutions for the display, semiconductor, solar and added basic accessories industries as able-bodied as specialized casework that crave ample format, high-mix circuitous manufacturing, and affiliation solutions.
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