GT Advanced Technologies Acquires Thermal Technology
NASHUA, N.H., May 20, 2013 — GT Advanced Technologies has acquired substantially all of the business of Thermal Technology LLC of Santa Rosa, Calif., for purchase consideration of approximately 3.4 million shares of GT common stock and an earn out.
Thermal Technology develops high-temperature thermal and vacuum products used in the fabrication of advanced materials for smartphones, touch screens, LEDs and medical devices.
The acquisition will add several products and technologies to GT’s portfolio that will enable the company to address new markets, including annealing technology for the manufacture of sapphire cover screens, crystal-growth technology based on the Kyropoulos growth method and edge-defined film-growth technology for large surface area sapphire.
The company also has acquired spark plasma sintering technology, which allows dense ceramics to be obtained under uniform heating at relatively low temperatures and in short processing times, for applications ranging from medical and space applications to sputtering targets to thermoelectric converters for hybrid electric cars.
“The acquisition of the Thermal Technology business adds a number of innovative and important products and technologies to our rapidly diversifying portfolio that will, we believe, allow us to accelerate our entrance into new markets,” said Tom Gutierrez, GT’s president and CEO. “This will enable us to compete for incremental business in areas where we would have previously been unable to offer a product.”
GT does not expect the acquisition to materially impact its calendar year 2013 revenue or earnings guidance range. Anticipated revenue contribution from Thermal Technology business for fiscal year 2013 is approximately $9 million to $14 million; GT expects minimal impact on earnings per share.
For more information, visit: www.gtat.com