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  Date:22nd Nov 2011

CTS to acquire Valpey-Fisher

CTS Corporation and Valpey-Fisher Corporation has announced that they have entered into a definitive merger agreement providing for the cash acquisition of Valpey-Fisher by CTS. Upon closing of the transaction, Valpey-Fisher will operate, as an indirect wholly-owned subsidiary of CTS.

Pursuant to the terms of the definitive agreement, CTS will acquire 100% of the issued and outstanding equity of Valpey-Fisher for $4.15 per share for a total purchase price of approximately $18 million. Valpey-Fisher has $3 million of cash and is essentially debt free. Valpey-Fisher's Board of Directors has unanimously approved the merger and recommends that Valpey-Fisher's stockholders vote in favor of the transaction. The transaction is subject to customary closing conditions and approval of Valpey-Fisher's stockholders.

Valpey-Fisher designs and manufactures of precision crystal oscillators including higher frequency, lower phase noise timing solutions, high performance RF/Microwave components, integrated modules and ultrasonic transducers. End markets served include telecommunications, computer, defense and aerospace, instrumentation and industrial markets. Sales in the last four reported quarters total approximately $15 million.

Vinod M. Khilnani, CTS Chairman and Chief Executive Officer, stated, "Valpey-Fisher is an excellent fit with CTS' Electronic Components business unit, bringing expanded products and capabilities to better serve CTS' customers. The two companies offer world-class highly engineered frequency products to growing markets. In addition, Valpey-Fisher brings strong engineering capabilities and management leadership to support our strategy of double-digit top line growth over the next several years in our Components and Sensors segment."

Michael J. Ferrantino Jr., President and Chief Executive Officer of Valpey-Fisher Corporation, added, "This represents a great value for the stockholders of Valpey-Fisher while providing excellent long-term growth opportunities for our employees."


 
          
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