Amphenol Completes Acquisition of MTS Systems
April 07 2021 - 9:31AM
Business Wire
Amphenol Corporation (NYSE: APH), a leading global provider of
high-technology interconnect, antenna and sensor solutions, today
announced that it has completed its acquisition of MTS Systems
Corporation (“MTS”). In connection with the close of the
transaction, MTS common stock will cease to trade on the
NASDAQ.
“We are excited to have completed our acquisition of MTS and to
welcome the talented MTS team to the Amphenol family,” said R. Adam
Norwitt, Amphenol’s President and CEO. “The combined strength and
breadth of our companies’ highly complementary sensor product
portfolios will allow us to offer our customers an expanded array
of innovative technologies across multiple end markets. We look
forward to the new opportunities created by the collective
strengths of Amphenol and MTS Sensors as we further capitalize on
the long-term growth potential of the electronics revolution.”
Amphenol expects the MTS Sensors business to add approximately
$350 million in sales in the first twelve months after closing. As
previously disclosed, MTS Sensors is expected to be $0.05 accretive
to Amphenol’s earnings per share in the first twelve months after
closing, which excludes acquisition-related expenses and reflects
the Company’s recent 2-for-1 stock split.
As previously announced, Amphenol has entered into an agreement
to sell the MTS Test & Simulation business to Illinois Tool
Works Inc. (NYSE: ITW). The agreed sale price for the transaction
is $750 million, subject to certain post-closing adjustments and
excluding transaction-related expenses. The sale of the Test &
Simulation business is expected to close following the receipt of
all required regulatory approvals. Until that time, Amphenol will
account for and report the Test & Simulation business as a
discontinued operation.
Amphenol plans to further discuss the MTS acquisition on its
first quarter earnings call, scheduled for April 28, 2021.
About Amphenol
Amphenol Corporation is one of the world’s largest designers,
manufacturers and marketers of electrical, electronic and fiber
optic connectors and interconnect systems, antennas, sensors and
sensor-based products and coaxial and high-speed specialty cable.
Amphenol designs, manufactures and assembles its products at
facilities in the Americas, Europe, Asia, Australia and Africa and
sells its products through its own global sales force, independent
representatives and a global network of electronics distributors.
Amphenol has a diversified presence as a leader in high-growth
areas of the interconnect market including: Automotive, Broadband
Communications, Commercial Aerospace, Industrial, Information
Technology and Data Communications, Military, Mobile Devices and
Mobile Networks.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements may contain words and
terms such as: “anticipate,” “could,” “believe,” “continue,”
“expect,” “estimate,” “forecast,” “ongoing,” “project,” “seek,”
“predict,” “target,” “will,” “intend,” “plan,” “look ahead,”
“optimistic,” “potential,” “guidance,” “may,” “should,” or “would”
and other words and terms of similar meaning. These statements are
only predictions, and such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations. No forward-looking statement can be
guaranteed. Risks and uncertainties include, but are not limited
to: (i) the risk that the proposed sale of the MTS Test &
Simulation business to ITW may not be completed in a timely manner
or at all and (ii) unanticipated difficulties relating to the MTS
transaction, the response of business partners and competitors to
the announcement of the closing of the transaction, potential
disruptions to current plans and operations and/or potential
difficulties in employee retention as a result of the closing of
the MTS transaction and the announcement of the divestiture to ITW.
The foregoing list of risk factors is not exhaustive.
Forward-looking statements in this press release should be
evaluated together with the many uncertainties that affect
Amphenol’s business, particularly those identified in the risk
factor discussion in Amphenol’s Annual Report on Form 10-K for the
year ended December 31, 2020, as well as other documents that may
be filed by Amphenol with the SEC. Amphenol does not undertake any
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
The forward-looking statements made in this communication relate
only to events as of the date on which the statements are made.
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version on businesswire.com: https://www.businesswire.com/news/home/20210407005685/en/
Sherri Scribner Vice President, Strategy and Investor Relations
203-265-8820 IR@amphenol.com
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