Kimball Electronics Completes Acquisition
JASPER - Jasper-based Kimball Electronics Inc. (Nasdaq: KE) has completed its acquisition of a California-based company. The $50 million deal includes substantially all of the assets and liabilities of GES Holdings Inc., Global Equipment Services and Manufacturing and its subsidiaries.
The acquisition was first announced in May. Chris Thyen, vice president of new platforms for Kimball Electronics, says the acquisition is the "first significant step" in the company's new platform strategy and continued efforts to develop into a multi-faceted manufacturing solutions company. "GES brings us new technologies and capabilities in automation, test, and measurement that will open new doors with new and existing customers."
Chief Executive Officer Don Charron says the GES team will join Kimball Electronics and bring their additional expertise to the company. GES specializes in production processing and test equipment design, volume manufacturing, and global services for the semiconductor and electronics product manufacturing industry.
Kimball Electronics says the acquisition is expected to 4 to 6 percent to the company's consolidated net sales in fiscal year 2019.