In November 2016, Automation Engineering, Inc. ("AEI") was acquired by Mycronic AB ("Mycronic") for $35.0 million. Under certain conditions, based on parameters such as growth and earnings, an earnout at a maximum amount of $27.0 million will be paid over two years. The transaction complements Mycronic’s product portfolio through AEI’s leading position in camera assembly systems.
AUTOMATION ENGINEERING, INC.
AEI develops, manufactures, and sells innovative and market leading solutions for precision Camera Module Assembly and Test (CMAT) systems used in electronics products. AEI’s largest customer segment is the automotive industry which is experiencing significant demand growth for cameras in ADAS (Advanced Driver Assistance Systems) applications. AEI provides the most comprehensive product portfolio of fully-automated solutions used to assemble camera modules and to measure and verify quality during volume production. The equipment is modular and adapted to customer requirements. The market for ADAS camera modules has an estimated average annual growth of approximately 30 percent for the period 2015-2020 (Prismark, June 2016). AEI is headquartered in Wilmington, MA and has subsidiaries in Germany and Hong Kong.
Mycronic is a Swedish high-tech company engaged in the development, manufacture and marketing of production equipment with high precision and flexibility requirements for the electronics industry. Mycronic’s headquarters are located in Täby, Sweden north of Stockholm and Mycronic has subsidiaries in China, France, Germany, Japan, Singapore, South Korea, the Netherlands, United Kingdom and the United States. Mycronic AB (publ) is listed on the NASDAQ Stockholm, Mid Cap: MYCR.