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Show Review: IPC APEX EXPO Was ‘Just Right’
May 31, 2024 | Tom Kastner, GP VenturesEstimated reading time: 1 minute
This year's IPC APEX EXPO was like the story of “Goldilocks” for me: not too crowded and not too slow. If it's too crowded, no one has the time to talk because they're too busy with the customers. If it's too slow, all the owners and others interested in M&A go home early. If it’s not so busy, there are more places to sit and the lines are shorter, which can feel just right.
I stayed very busy with various discussions on M&A: about 75% with buyers and 25% with sellers. Overseas buyers were especially interested in talking to me about making acquisitions in the U.S. Many are concerned about potential tariffs or other backlash due to politics. Also, the U.S. market is perceived to have growth potential due to government incentives and policies. Many overseas companies want to get a foothold in the U.S. so they can take advantage of this potential growth. Because it was difficult during the pandemic for overseas companies to do deals, there is a significant level of pent-up demand.
Sellers are currently sitting on the sidelines due to a variety of factors. Revenue growth was stalled in 2023, and while business may now be picking up, growth is not robust enough or broad enough to give sellers enough confidence to go to market. Buyers, especially those that are backed by private equity, have a lot of cash, and that is keeping valuations at a good level. Although they may not be ready to jump into the market, a fair number of owners are getting prepared, which is really key to having a successful exit.
Almost all the owners I met said that they are buying equipment or at least seriously thinking about it. I am sure that makes the equipment companies happy. Plus, it is good to see companies continuing to invest. I believe that the number of shops in the North American PCB and EMS sectors will continue to go down, mostly due to demographics. However, the companies that remain open will be larger and stronger as long as they keep investing.
To read this entire article, which appeared in the 2024 issue of Show & Tell Magazine, click here.
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Beyond Design: Integrated Circuit to PCB Integration
09/11/2024 | Barry Olney -- Column: Beyond DesignTechnologies such as artificial intelligence, autonomous cars, smartphones, and wearable devices are significantly transforming the semiconductor industry. The miniaturization trend drives the IC footprint to an even smaller profile, requiring tighter margins. From the PCB designer’s perspective, smaller form factors are achievable, making devices more compact and lightweight. But double-sided SMT placement, reduced routing channels, and high-speed constraints create multiple challenges for designers. However, there are some advantages to miniaturization: shorter interconnects between the IC and the PCB reduce signal loss and electromagnetic interference. High-speed digital signals in the GHz range benefit from reduced parasitics.