Camtek Sell Its PCB Business for $35 Million to the Chinese Principle Capital
23 July, 2017
The PCB organization is expected to remain intact, including the R&D operations which are planned to continue operating from Israel with its Israeli personnel
Camtek Ltd. from Migdal Haemel, Israel, announced that it has signed a definitive agreement with the Shanghai-based private-equity fund, Principle Capital, to sell its PCB business for $35 million. Principle Capital will pay $32 million cash upon closing, and an additional amount of up to $3 million, in accordance with the PCB business’ performance in 2018. Camtek said the PCB organization is expected to remain intact, including the R&D operations which are planned to continue operating from Israel with its Israeli personnel.
Subject to customary closing conditions, including regulatory and third-party approvals, the closing is expected during the third quarter of 2017. Following the closing Camtek will cease to report the results of its PCB business. The PCB business will be included as discontinued operations in Camtek’s financial statements for the second quarter 2017 results.
Rafi Amit, Camtek’s CEO, explained that Camtek will become a pure-play semiconductor inspection and metrology focused company. “Our stronger balance sheet will also make it easier for us to explore synergetic acquisitions in our sector. Camtek as a semiconductor company will potentially present higher growth rates with improved gross margins.”
Camtek is looking for Aquisition
“This agreement will enable Principle Capital to build a leading Asia based PCB inspection and metrology company, capitalizing on our well-positioned PCB unit. We believe Principle Capital will be able to take this business to the next level and accelerate its growth rates.”
Lin-Lin Zhou, CEO of Principle Capital, commented, “What we look for in every investment is a talented management team in a well-positioned business, where we can help accelerate growth. That is exactly what we have found at Camtek’s PCB business, a market leader with strong technology and great customer reputation. We are very excited about the business’ prospects and believe the deal is a win-win for all parties”