Simi Valley Firm Acquiring Contact International
Assembly and Manufacturing Systems Corp., a Simi Valley company that makes factory automation equipment, said it has agreed to acquire Contact International Corp. for $48 million, including $8 million in cash and $40 million in stock.
Contact International, based in Sunnyvale, makes etched lead frames for high-tech electronics customers including Motorola, IBM and Hewlett-Packard. Contact International, which owns a 75,000-square-foot manufacturing facility in Sunnyvale, is expected to post pretax net income of $6 million for the current fiscal year, officials at Assembly and Manufacturing Systems said.
The acquisition is subject to negotiation of satisfactory financing terms within three months, Assembly and Manufacturing Systems said.
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