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@schweiter.com