AVX Corporation has signed a definitive agreement to acquire Ethertronics, a leader in advanced antenna system technology and a manufacturer of antenna products for wireless applications such as mobile phones, Wi-Fi, defense, aerospace, medical, and Internet of Things.
AVX will acquire Ethertronics for $142.0 million in cash and assume $8.0 million of net debt, subject to normal working capital adjustments at closing. The transaction is subject to regulatory approvals and other conditions that are customary for transactions of this type.
Ethertronics designs, manufactures and markets passive and active IMD antenna systems. IMD antennas are highly efficient antennas that are insensitive to changes in ground planes or local interference. The unique design allows flexibility to tune for multiple frequencies in confined spaces and for active tuning for radiation pattern coverage as well as frequency. Ethertronics supplies patented passive and active tunable antennas for virtually all wireless connectivity applications and, with technologies such as integrated LDS structures, the company is a major supplier of cellphone and laptop antenna systems. With over 200 patents, it operates facilities in 6 locations located in China, South Korea, Vietnam, France, Taiwan, and the USA, comprising R&D, manufacturing and sales office locations. In the financial year ended December 31, 2017, Ethertronics generated approximately $90 million of revenue. The company employs approximately 700 people, 120 of whom are in product development, reflecting a strong R&D focus.
