Kimball Electronics Completes the Acquisition of Global Equipment Services (GES)
October 01 2018 - 4:05PM
Kimball Electronics, Inc. (Nasdaq: KE) announced today that it has,
acting through its wholly-owned subsidiaries, completed the
purchase of substantially all of the assets and assumed certain
liabilities of GES Holdings, Inc., Global Equipment Services and
Manufacturing, Inc., and its subsidiaries (collectively
“GES”). As previously announced, the price was approximately
$50 million plus the assumed liabilities.
“The acquisition of GES is the first significant step in our new
platform strategy and our plans to continue our development beyond
EMS to a multifaceted manufacturing solutions company,” stated
Chris Thyen, Vice President, New Platforms, Kimball Electronics,
Inc. “GES brings us new technologies and capabilities in
automation, test, and measurement that will open new doors with new
and existing customers.”
“We are all very excited to be joining the Kimball family and to
continue our journey with our new colleagues. Both companies
have a long track record of customer service excellence.
Together, we have an even greater opportunity to help build our
customers’ success,” stated Don Tran, Vice President, General
Manager, GES.
“I am delighted to welcome the GES global team and the
additional expertise they will bring our global company,” stated
Don Charron, Chairman and CEO, Kimball Electronics, Inc. “I
look forward to working with Chris and Don Tran as we execute our
new platform strategy involving GES and continue our relentless
pursuit to build lasting relationships and global success.”
In fiscal year 2019, GES is expected to add 4 to 6%, reflecting
seasonality, to Kimball Electronics consolidated net sales and to
be neutral to slightly accretive to earnings per share.
About GES, Inc. 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 business operations in China, India, Japan, the
United States, and Vietnam.
To learn more about GES, visit: www.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
electronics manufacturing services (“EMS”) company that specializes
in durable electronics for the automotive, medical, industrial, and
public safety end markets. Kimball Electronics also offers
diversified contract manufacturing services for non-electronic
components, medical disposables, plastics, and metal
fabrication. 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
contract 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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