Kimball Electronics Signs Agreement to Acquire Global Equipment Services (GES)
May 17 2018 - 4:05PM
Kimball Electronics, Inc. (Nasdaq:KE), acting through its
wholly-owned subsidiaries, announced today that it has signed an
agreement to purchase substantially all of the assets and assume
certain liabilities of GES Holdings, Inc., Global Equipment
Services and Manufacturing, Inc., and its subsidiaries
(collectively “GES”) for approximately $50 million plus the assumed
liabilities, subject to certain post-closing working capital
adjustments. The transaction is also subject to customary
closing conditions, regulatory requirements, and governmental
approvals. The transaction is expected to close in the first
quarter of Kimball’s fiscal year 2019.
“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,” stated Donald D.
Charron, Chairman and CEO, of Kimball Electronics, Inc.
About GES GES, headquartered in San Jose,
California, specializes in production processing and test equipment
design, volume manufacturing, and global services for the
semiconductor and electronics product manufacturing industry.
GES has significant business operations in China, India,
Japan, the United States, and Vietnam.
To learn more about GES, visit: http://geservs.com
About Kimball Electronics, Inc.Recognized with
a reputation for excellence, Kimball Electronics is committed to a
high performance culture that values personal and organizational
commitment to quality, reliability, value, speed, and ethical
behavior. Kimball Electronics employees know they are part of
a company culture that builds lasting relationships and global
success for customers while enabling employees to share in the
Company’s success through personal, professional, and financial
growth.
Kimball Electronics trades under the symbol “KE” on The NASDAQ
Stock Market. Kimball Electronics is a global contract
electronic manufacturing services (“EMS”) company that specializes
in durable electronics for the automotive, medical, industrial, and
public safety end markets. Kimball Electronics is well
recognized by customers and industry trade publications for its
excellent quality, reliability, and innovative service. From
its manufacturing operations in the United States, China, Mexico,
Poland, Romania, and Thailand, Kimball Electronics provides
electronic manufacturing services, including engineering and supply
chain support, which utilize common production and support
capabilities to a variety of industries globally. Kimball
Electronics is headquartered in Jasper, Indiana.
To learn more about Kimball Electronics, visit:
www.kimballelectronics.com.
Lasting relationships. Global
success.
CONTACT:Adam W. SmithTreasurerTelephone: 812.634.4000E-mail:
Investor.Relations@kimballelectronics.com
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