API Technologies has signed a definitive agreement to sell 100% of the capital stock of API Defense USA, its Electronics Manufacturing Services business (EMS), to Kitron, Inc., a subsidiary of Kitron ASA.
EMS, based in Windber, PA, is a leader in the manufacture, testing, and repair services of electronic components and assemblies for original equipment manufacturers (OEMs) and serves customers in the United States. Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Energy/Telecoms, Industry, Defense, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China, and the United States. Kitron had revenues of about NOK 2,4 billion in 2017 and has about 1,450 employees.
The transaction, which is subject to customary closing conditions, including regulatory approval, is expected to close in Q1 2019.
