Amtek to lift itself out of HDD slump with US$210m deal

IN A deal aimed at lifting it beyond the declining hard disk drive (HDD) market, local precision engineer Amtek Engineering yesterday announced its purchase of US firm Interplex Industries for up to US$210 million.

The acquisition comprises US$165 million of enterprise value, a US$11 million deferred payment and up to US$34 million of incentive payments, depending on subsequent performance.

In contrast to Amtek, which makes larger components, Interplex makes miniature components for blue-chip customers in a variety of industries, including the auto, industrial and electrical, mobile devices and medical markets. Interplex customers include names like tech giant Apple, auto suppliers Bosch, Denso and TRW, and car manufacturer Continental.