CMC Materials, Inc. (NASDAQ: CCMP) disclosed on Monday that has bought International Test Solutions, Inc. The firm has signed an agreement to add ITS into its Electronic Materials Business segment. This buying is profitable for CMC as it will help the firm to grow a range of critical, enabling solutions that assist its clients in solving the most challenging tasks.
Furthermore, CMC will also be able to optimize its management in partnership with the device makers and foundries to design and manufacture disposable, application-specific materials used to increase the output and output in the semiconductor production process. CMC can only be able to do this by utilizing the expert team, technical and operational capabilities, and worldwide sale and dissemination platform of ITS.
As per the acquisition agreement, CMC will buy ITS for nearly $125 million in cash. This buying will be financed by using the cash on hand. The deal will be finalized in April after the fulfillment of the necessary terms and the regulatory authorization.
The President of ITS stated that it is the greatest opportunity for ITS to join with a technology leader. The technical and R&D expertise of CMC as well as their worldwide infrastructure and operational superiority should offer a solid foundation for ITS to further improve the product offerings that are necessary to our client’s processes.
CMC also believed that ITS is a great addition to the firm. The attractive growth trends knowledge of ITS will be helpful for CCMP. ITS will be able to utilize the technical resources and the worldwide reputation to reinforce its footprint.