Teradyne, Inc., (NYSE:TER) today announced definitive agreements to acquire two California-based companies, both in the printed circuit board (PCB) industry: Herco Technology. (San Diego, CA), a fabricator of printed circuit boards, and Synthane Taylor (La Verne, CA), which supplies PCB laminates and is a major supplier to Herco. The acquisitions will be part of Teradyne's Connection Systems (TCS) division, based in Nashua, New Hampshire. Terms of the agreement were not disclosed.
"The strategic fit for Teradyne cannot be overstated," said Rick Schneider, Teradyne Connection Systems Division Manager. "We believe our customers will welcome this move as Teradyne will gain valuable PCB processing capacity to support their growth. The acquisitions complement our Nashua-based capabilities very well, and we're gaining an extremely capable workforce that understands the complexities of printed circuit board fabrication."
Founded in 1960, Teradyne's, Inc. (NYSE: TER) 1999 sales were $1.8 billion. Teradyne develops products to test semiconductors, circuit assemblies, systems, networks and software, and manufactures high-density connectors and backplanes. More than 70% of Teradyne's business is driven by the Internet growth.
The Connection Systems Division of Teradyne, headquartered in Nashua, New Hampshire, is a leading manufacturer of high-performance custom backplanes, high-speed/high-density interconnects, and complete electro-mechanical packaging subassemblies. The division employs over 3,300 people and operates plants in California, Texas and Ireland in addition to its extensive New Hampshire production facilities. Teradyne's World Wide Web address is http://www.teradyne.com
About Herco Technology Corporation
Herco Technology Corporation of San Diego, CA is a leading manufacturer of printed circuit boards. Herco's manufacturing capabilities include conformance to ISO-9002, QS-9000, and Bellcore standards. Product capabilities include multilayer PCBs with fine lines, high layer counts, and high aspect ratios. The Company employs approximately 500 people at its San Diego location; more information can be found at www.herco.com.
About Synthane Taylor
Synthane Taylor, of La Verne, CA, manufactures high-quality printed circuit laminates. They are ISO-9002-certified, and employ more than 100 people. Synthane Taylor is a key supplier to Herco Technology Corp., and both companies share a common ownership. More information can be found at www.synthane.com.
This news release contains statements that are not purely historical, so-called "forward looking statements," which involve risks and uncertainties. Because such statements involve risks and uncertainties, actual actions and strategies and the timing and expected results thereof may differ materially from those expressed or implied by such forward-looking statements. Factors that may cause such differences include, but are not limited to, the factors discussed from time to time in the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended December 31, 1999 and Quarterly Report on Form 10-Q for the quarter ended March 30, 2000.