Schweiter Technologies to sell Ismeca Semiconductor and buy back own shares
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Schweiter Technologies /
Schweiter Technologies to sell Ismeca Semiconductor and buy back own shares
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Horgen, December 10, 2012 - Schweiter Technologies AG has reached an agreement
with US-based Cohu, Inc. on the sale of all shares in Ismeca Semiconductor
Holding AG. The transaction is to be completed by the end of December 2012. The
Board of Directors has also decided to undertake a buyback of up to 10% of share
capital over a period not exceeding two years.
Ismeca Semiconductor is the world's leading supplier of high-speed machines for
the semiconductor and LED backend segments (testing, inspection, sorting,
marking and taping). A division of the Schweiter Technologies Group, Ismeca
Semiconductor generated operating profit of CHF 5 million on revenues of CHF 88
million in 2011. Ismeca has a global workforce of 365.
The selling price of the debt-free company is USD 54.5 million (approx. CHF 51
million) plus acquired cash. Not included in the transaction is the property in
La Chaux-de-Fonds, which has a market value of about CHF 18 million. It is to be
sold to a real estate investor. Furthermore, prior to conclusion of the
transaction, a total of around CHF 30 million in dividends will be paid to
Schweiter Technologies Holding. The entire transaction will result in a book
profit in the region of CHF 20 million.
NASDAQ-listed Cohu is a supplier of test handling, burn-in, thermal subsystems
and MEMS test solutions used by the global semiconductor industry as well as a
supplier of microwave communications and video equipment. Cohu is headquartered
in Poway, CA., and has major operations in the USA, Germany and the Philippines
as well as sales and service locations around the world. Cohu achieved revenues
of USD 309 million in 2011 (www.cohu.com).
Cohu will continue to operate Ismeca Semiconductor in its current form, notably
as a Swiss company with its headquarters in La Chaux-de-Fonds, production sites
in Malaysia and China, as well as worldwide distribution. Lorenzo Giarrè will
remain CEO of Ismeca Semiconductor. Ian von Fellenberg, Head of Corporate
Development and Member of the Group Management of Schweiter Technologies, is
also to take on a role within the Cohu Group. Upon conclusion of the
transaction, he will also step down from the Schweiter Technologies Group
Management.
The Board of Directors of Schweiter Technologies AG has decided to launch a
buyback of up to 10% of the share capital registered in the commercial register,
corresponding to a maximum of 144,367 bearer shares with a par value of CHF 1
each and, at the closing price of December 6, 2012, representing a volume of up
to approx. CHF 67 million. The actual scale of the buyback program will be
determined at the discretion of the Board of Directors and is dependent on the
company's freely disposable liquidity and the market situation. The program will
be initiated on December 18, 2012, and run until no later than October
31, 2014. Zürcher Kantonalbank has been mandated to conduct the buyback. Shares
being acquired will be bought back via a separate trading line subject to
deduction of withholding tax. Repurchased shares are to be destroyed on the
basis of share capital reductions to be adopted by forthcoming general meetings.
Going forward, the company will adhere to its attractive dividend policy, in
accordance with previously communicated guidance. Distributions are to be made
initially in the form of a repayment from reserves from capital contributions
(maximum CHF 39.8 million).
In light of current events, a Media and Analyst Conference will be taking place
on Monday, December 10, 2012 at 12.00am at the Hotel Marriott, Zurich.
For further information:
Martin Klöti, Head of Management Services
Tel. +41 44 718 33 03, fax +41 44 718 34 51, martin.kloeti(at)schweiter.com
Schweiter Technologies AG, Neugasse 10, CH - 8810 Horgen, Switzerland
Telefon +41 44 718 33 03 Fax +41 44 718 34 51 info(at)schweiter.com
www.schweiter.com
Please find the Media release in the PDF attached:
Media release (PDF):
http://hugin.info/100347/R/1663489/539460.pdf
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(i) the releases contained herein are protected by copyright and
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Schweiter Technologies via Thomson Reuters ONE
[HUG#1663489]
Unternehmensinformation / Kurzprofil:
Datum: 10.12.2012 - 06:00 Uhr
Sprache: Deutsch
News-ID 210901
Anzahl Zeichen: 5383
contact information:
Town:
Horgen
Kategorie:
Business News
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