Amtech Systems Inc. and BTU International Inc. have entered into a definitive merger agreement under which Amtech will acquire all the outstanding stock of BTU in an all-stock transaction.
Amtech says that acquiring BTU, a supplier of thermal processing equipment and processes to the alternative energy and electronics manufacturing markets, will help reinforce its solar growth opportunities.
BTU stockholders will receive 0.3291 shares of Amtech common stock for every share of BTU common stock and will own approximately 23.9% of the combined company. The companies say the combined entity will own a diverse portfolio of technology solutions and products and generated pro forma revenues of $94.7 million based on the results for the 12-month period ended June 30 and June 29 for Amtech and BTU, respectively.
‘With the addition of BTU, Amtech will have a more diversified and profitable revenue base, allowing us to better scale production and distribution of our solar technology to meet accelerating demand for next-generation technology solutions," says J.S. Whang, executive chairman of Amtech.
‘This transaction brings significant benefits to our clients, employees and stockholders,’ adds Paul J. van der Wansem, chairman and CEO of BTU. ‘We are confident that our customers and employees will benefit from the larger-scale, broadened product portfolio and greater geographic reach of the combined company."
Following the transaction's close, Amtech expects to maintain BTU's presence in existing locations, including North Billerica, Mass., and Shanghai, China. Amtech will expand its board of directors by one seat, which will be filled by van der Wansem. In addition, van der Wansem will join the Amtech management executive committee. Peter Tallian, chief operating officer of BTU, will be the general manager of the BTU International division.
The transaction is expected to close in the first quarter of 2015, subject to customary closing conditions, regulatory approval and stockholder votes at Amtech and BTU.