Adept Technology to Acquire Chad Industries
SAN JOSE, Calif., June 29 -- Adept Technology, Inc., a manufacturer of flexible automation for the telecommunications, fiber optic and semiconductor industries, announced that it has signed a definitive agreement to acquire privately held CHAD Industries Inc., located in Orange, California, in exchange for a combination of equity and cash to be paid out over three years. Completion of the acquisition remains subject to obtaining required approvals and other standard closing conditions. Adept reports that this latest strategic acquisition is expected to be immediately accretive to revenue and earnings.
"The acquisition of CHAD is the culmination of a successful 17 year relationship," said Brian R. Carlisle, chairman and CEO of Adept. "We intend to leverage this added capacity to expand our delivery of semi-automatic and fully-automated assembly and process solutions for fiber optic component manufacturers."
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