Viasystems Completes Acquisition of DDi
June 01 2012 - 7:00AM
Business Wire
Viasystems Group, Inc. (NASDAQ: VIAS) announced today that it
has completed its $283 million acquisition of DDi Corp.
(NASDAQ: DDIC), strengthening Viasystems’ position as a world-class
leader in printed circuit board (“PCB”) manufacturing and related
electro-mechanical solutions. Viasystems announced its intention to
acquire DDi on April 4, 2012.
“This acquisition creates a combined company with a substantial
North American manufacturing presence serving high-mix,
low-to-medium-volume needs of customers, to complement a
significant high-volume manufacturing footprint in China,” stated
David M. Sindelar, Chief Executive Officer of Viasystems. “Our
global customers have access to state of the art, high technology
quick-turn manufacturing services with seamless access to
high-volume, low-cost complex PCB manufacturing off-shore. Further,
the acquisition strengthens our financial model through the
addition of profitable operations with positive cash flows, which
we expect to be accretive to our earnings in our third quarter and
thereafter.”
The combined company has over 15,600 employees and manufacturing
floor space exceeding 4.3 million square feet in China and 1.0
million square feet in North America.
Financing
On April 30, 2012, the company’s wholly-owned subsidiary,
Viasystems, Inc., completed a private placement of
$550 million 7.875% Senior Secured Notes due 2019. The
proceeds were used to fund the acquisition of DDi, to redeem all of
Viasystems Inc.’s outstanding $220 million 12% Senior Secured
Notes due 2015 (the “2015 Notes”), and to pay transaction fees and
expenses related to the private placement, the redemption of the
2015 Notes and the acquisition of DDi. The redemption of Viasystems
Inc.’s 2015 Notes was completed on May 30, 2012.
About Viasystems Group, Inc.
Viasystems is a technology leader and a worldwide provider of
complex multi-layer, printed circuit boards (PCBs) and
electro-mechanical solutions (E-M Solutions). Its PCBs serve as the
“electronic backbone” of almost all electronic equipment, and its
E-M Solutions products and services include integration of PCBs and
other components into finished or semi-finished electronic
equipment, for which it also provides custom and standard metal
enclosures, cabinets, racks and sub-racks, backplanes, cable
assemblies and busbars. Viasystems’ approximately 15,600 employees
around the world serve more than 1,000 customers in the automotive,
industrial & instrumentation, telecommunications, computer and
datacommunications, and military and aerospace end markets. For
additional information about Viasystems, please visit the company’s
website at www.viasystems.com.
Forward-Looking Statements:
Certain statements in this communication constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made
on the basis of the current beliefs, expectations and assumptions
of the management of Viasystems regarding future events and are
subject to significant risks and uncertainty. Statements regarding
our expected performance in the future are forward-looking
statements. Investors are cautioned not to place undue reliance on
any such forward-looking statements, which speak only as of the
date they are made. Viasystems undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise, except to the extent required by law.
Actual results may differ materially from those expressed or
implied. Such differences may result from a variety of factors,
including but not limited to: legal or regulatory proceedings; any
actions taken by the company, including but not limited to,
restructuring or strategic initiatives (including capital
investments or asset acquisitions or dispositions); or developments
beyond the company’s control, including but not limited to, changes
in domestic or global economic conditions, competitive conditions
and consumer preferences, adverse weather conditions or natural
disasters, health concerns, international, political or military
developments and technological developments. Additional factors
that may cause results to differ materially from those described in
the forward-looking statements are set forth under the heading
“Item 1A. Risk Factors,” in the Annual Report on Form 10-K filed by
Viasystems with the SEC on February 15, 2012 and in
Viasystems’ other filings made from time to time with the SEC and
available at the SEC’s website, www.sec.gov.
Ddi (NASDAQ:DDIC)
Historical Stock Chart
From Jan 2025 to Feb 2025
Ddi (NASDAQ:DDIC)
Historical Stock Chart
From Feb 2024 to Feb 2025
