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“We expect to capitalize on the attractive opportunities we have identified in equipment, LED, and high tech specialty markets that require high-quality, low cost crystalline substrates. Crystal Systems has a rich history of innovation and we believe the combination of their technical expertise supported by our proven global operating experience and available capital resources will accelerate the adoption of new low-cost, high- quality crystalline sapphire solutions.”
Founded in 1971, Crystal Systems is recognized for its innovations in crystal growth technology and claims it is a leading supplier of sapphire and Ti:sapphire material. The company leverages its proprietary and complementary crystal growth and process knowledge to produce large sized, high- quality sapphire products.
Crystal Systems’ development and manufacturing operations are located in Salem, Massachusetts. Fred Schmid, founder of Crystal Systems and the inventor of the Heat Exchanger Method or HEM process, will be joining GT Solar in a senior technical capacity to further accelerate the commercialization of this technology.
Industry analysts project that the LED market could grow up to a 40 % compound annual growth rate over the next several years driven by increased sales of products such as flat panel televisions and commercial and residential lighting. Sapphire is the most widely used substrate for this fast-growing market.
Under the terms of the agreement, the purchase consideration consisted of approximately $24 million in cash, 5.4 million shares of GT Solar common stock and a $21 million cash earn-out. The cash earn-out provision is based on the attainment of certain financial and technical targets. Crystal Systems is a profitable company with expected revenues of approximately $16 million for the 2010 calendar year. The company will positively contribute to GT Solar’s operating income over the next 18 months and is expected to be accretive on an EPS basis by year end FY12.
Teledyne Completes Acquisition of Intelek
The aggregate value for the transaction will be approximately £35 million (approximately $52 million) taking into account Intelek’s stock options, net debt and pension deficit as of March 31, 2010.
Teledyne Technologies, a provider of sophisticated electronic subsystems, instrumentation and communication products, has completed the acquisition of Intelek.
Sub-division, Teledyne Lighting & Display Products designs, develops, qualifies, and produces LED products and systems for the most sophisticated military, aerospace, medical/surgical, architectural and commercial applications.
Teledyne was the beneficial owner of, or had received valid acceptances in respect of approximately 93% of Intelek’s ordinary shares. Under the terms of the Offer, Intelek’s ordinary shareholders will receive 32 pence in cash for each Intelek Share valuing the entire existing issued ordinary share capital of Intelek at approximately £28 million.
Intelek is a group of companies which primarily designs and manufactures electronic systems for satellite and microwave communication. Through its Paradise Datacom division, headquartered in State College, Pa., Intelek designs and manufactures satellite modems, transceivers, block up-converters, solid state power amplifiers, low noise amplifiers and associated equipment for the terrestrial segment of the satellite communications market.
Intelek’s Labtech division is a manufacturer of microwave circuits and components primarily for the defense electronics, global telecommunications, space and satellite communications markets. Intelek’s CML Group division manufactures precision machined and composite aerostructures for military and commercial aircraft. Following the acquisition, the three divisions will change their names to Teledyne Paradise Datacom, Teledyne Labtech and Teledyne CML Group.
The aggregate value for the transaction will be approximately £35 million (or approximately $52 million) taking into account Intelek’s stock options, net debt and pension deficit as of March 31, 2010. For the year ended March 31, 2010, Intelek had
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www.compoundsemiconductor.net August/September 2010
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