Kimball Electronics to Acquire California Company
JASPER - Jasper-based Kimball Electronics Inc. (Nasdaq: KE) has announced plans to acquire California-based GES Holdings Inc., Global Equipment Services and Manufacturing Inc. and its subsidiaries. Kimball says the $50 million deal is expected to close in the first quarter of the company’s 2019 fiscal year.
GES specializes in production processing and test equipment design, volume manufacturing, and global services for the semiconductor and electronics product manufacturing industry. The company has operations in the U.S., China, India, Japan and Vietnam.
"The acquisition is a significant step in our new platform strategy and our plans to continue our development beyond EMS to a multifaceted manufacturing solutions company," Donald Charron, chief executive officer of Kimball Electronics, said.
Kimball says it will not only acquire the assets of GES, but it will also assume certain liabilities, though a specific dollar figure was not released. The acquisition remains subject to regulatory and government approvals, as well as customary closing conditions.