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August 2, 2024 | BUSINESS WIREEstimated reading time: 1 minute
Kimball Electronics, Inc. announced the completion of the divestiture of its Automation, Test, and Measurement (AT&M) business. The sale to Averna Technologies Inc. closed on July 31, 2024, with the proceeds from the transaction being used for support of organic growth, debt reduction, and share repurchases.
Kimball Electronics entered the automation, test, and measurement industry with the acquisition of Global Equipment Services, Inc. (GES) in 2018. In May 2024, it announced that AT&M had been classified as a business held for sale. AT&M provides advanced testing and inspection solutions for manufacturers in the industrial, medical, consumer electronics, and semiconductor sectors.
Commenting on today’s announcement, Richard D. Phillips, Chief Executive Officer of Kimball Electronics, stated, "While we have made significant strides enhancing our capabilities in AT&M since the acquisition of GES, we determined that it is not a good strategic fit for Kimball and that focusing on core EMS operations aligns best with strategic priorities and longer-term growth opportunities for the Company. AT&M will be well-positioned under new ownership with expertise in testing and measurement, broad industry knowledge, and established client relationships. We thank the team for their contributions and wish them success moving forward."
"The addition of the GES team, and its footprint in Silicon Valley and Asia, is a perfect fit for Averna," explained Francois Rainville, CEO of Averna. "This will further strengthen our position as one of the worldwide leaders focused in automation, test, and measurement. Now with 1,200 professionals spanning across the Americas, Europe and Asia, we can better partner with our global customers in all aspects of their product test requirements, wherever they are. We welcome our new teammates and are looking forward to this new chapter in Averna’s story."
B. Riley Securities acted as the exclusive financial advisor on the transaction.
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