MIGDAL HAEMEK, Israel,
July 20, 2017 /PRNewswire/ --
Camtek Ltd. (NASDAQ: CAMT and TASE: CAMT), today announced that
it has signed a definitive agreement with an affiliate of Principle
Capital, a Shanghai-based
private-equity fund, to sell its PCB business for $35 million, of which $32
million will be paid in cash upon closing and an additional
amount of up to $3 million
conditioned upon the PCB business' financial performance in 2018.
The worldwide PCB organization is expected to remain intact,
including the R&D operations which are planned to continue
operating from Israel with its
Israeli personnel.
The definitive agreement contains customary representations,
warranties, covenants and indemnity obligations. Subject to
customary closing conditions, including regulatory and third-party
approvals, the closing is expected during the third quarter of
2017. Following the closing Camtek will cease to report the results
of its PCB business. The PCB business will be included as
discontinued operations in Camtek's financial statements for
the second quarter 2017 results and until the date of closing.
Results for the second quarter of 2017 are expected to be released
on August 3, 2017.
Rafi Amit,
Camtek's CEO, commented, "This agreement
is in line with our long-term strategy. Camtek will become a
pure-play semiconductor inspection and metrology focused company,
where we see many growth opportunities ahead. Our stronger balance
sheet will also make it easier for us to explore synergetic
acquisitions in our sector. Camtek as a semiconductor company will
potentially present higher growth rates with improved gross
margins."
Mr. Amit continued, "This agreement will enable
Principle Capital to build a leading Asia based PCB inspection and metrology
company, capitalizing on our well-positioned PCB unit. We believe
Principle Capital will be able to take this business to the next
level and accelerate its growth rates."
Lin-Lin Zhou, CEO of Principle
Capital, commented, "What we look for in every
investment is a talented management team in a well-positioned
business, where we can help accelerate growth. That is exactly what
we have found at Camtek's PCB business, a market leader with strong
technology and great customer reputation. We are very excited about
the business' prospects and believe the deal is a win-win for all
parties."
ABOUT CAMTEK LTD.
Camtek Ltd. provides automated and technologically advanced
solutions dedicated to enhancing production processes, increasing
products yield and reliability, enabling and supporting customer's
latest technologies in the Semiconductors, Printed Circuit Boards
(PCB) and IC Substrates industries.
Camtek addresses the specific needs of these interconnected
industries with dedicated solutions based on a wide and advanced
platform of technologies including intelligent imaging, image
processing and functional inkjet printing.
ABOUT PRINCIPLE CAPITAL
Principle Capital is a private equity investment firm based in
Shanghai with a strong focus in
the advanced manufacturing industry. It was founded in 2002 by
consulting professionals with the mission of helping enterprises
build great businesses. Principle Capital has formed a strategic
partnership with Clayton, Dubilier & Rice, a New York based private investment firm with a
strategy predicated on working with management teams to grow the
business in which it invests, often nor-core divisions of larger
companies. CD&R's team is a blend of skilled investors and
seasoned industry leaders. Jack
Welch (former CEO of GE), Terry
Leahy (former CEO of Tesco) and Jim
McNerney (former CEO of Boeing) are Senior Advisors to
CD&R Funds.
This press release is available at http://www.camtek.com
This press release may contain projections or other
forward-looking statements regarding future events or the future
performance of the Company. These statements are only predictions
and may change as time passes. We do not assume any obligation to
update that information. Actual events or results may differ
materially from those projected, including as a result of changing
industry and market trends, reduced demand for our products, the
timely development of our new products and their adoption by the
market, increased competition in the industry, intellectual
property litigation, price reductions as well as due to risks
identified in the documents filed by the Company with the
SEC.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972-4-604-8308
Mobile: +972-54-900-7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
GK Investor Relations
Ehud Helft / Gavriel Frohwein
Tel: (US) +1-646-688-3559
camtek@gkir.com
SOURCE Camtek Ltd