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[July 2007]
AVX Signs Definitive Agreement to Acquire American Technical Ceramics Corp
AVX Corporation (Myrtle Beach, SC, USA) has signed a definitive agreement to acquire American Technical Ceramics Corp (Huntington Station, NY, USA).
John Gilbertson, President and CEO of AVX Corporation, stated: "The addition of ATC further broadens AVX's offering in High Reliability Products. ATC is a premier brand that we are proud to add to the Advanced Products Group of AVX. They are well recognized for their leadership in the area of High Frequency Applications for a broad range of commercial and military applications. No finer brand name exists in many of those markets today. The combination of AVX and ATC offers exciting growth potential for the years ahead".
In accordance with the agreement, AVX would acquire by merger all of the outstanding capital stock of American Technical Ceramics in exchange for approximately US$231 million in cash, or US$24.75 per share. The transaction is subject to approval by the American Technical Ceramics shareholders and other conditions, including regulatory approvals, that are customary for transactions of this type. Victor Insetta, ATC's President and CEO and certain affiliated shareholders, representing approximately 49% of the outstanding common stock of ATC, have agreed to vote their shares in favour of the transaction.
AVX Corporation is a leading world-wide manufacturer and supplier of a broad line of passive electronic components and interconnect products. AVX's components can be found in products manufactured in a very broad range of industries worldwide.
American Technical Ceramics Corp designs, develops, manufactures and markets electronic components, including ceramic multilayer capacitors and custom thin film circuits. The company's products are used in a broad range of commercial and military applications, including wireless infrastructure, fibre optics, medical electronics, semiconductor manufacturing equipment and satellite equipment.
www.avxcorp.com
ENDS