Why Nordson (NDSN) is buying CyberOptics (CYBE) for $380 million in cash

  • Nordson Corporation (NDSN) announced that it has signed a definitive agreement to acquire CyberOptics (CYBE) for $380 million. These are the details.

Nordson Corporation (NDSN) has signed a definitive agreement to acquire CyberOptics Corporation (CYBE), one of the world’s leading developers and manufacturers of high-precision 3D optical sensing technology solutions. The acquisition enhances Nordson’s test and inspection platform, providing differentiated technology that expands Nordson’s product offerings in the semiconductor and electronics industries.

The all-cash transaction is valued at $54 per share, or approximately $380 million net of cash acquired, reflecting a CyberOptics valuation of 18.5x trailing twelve-month EBITDA and 14.5x net of synergies of costs. This transaction is expected to close in the first quarter of Nordson’s fiscal year 2023, pending applicable regulatory and shareholder approvals.

Based in Minneapolis, Minnesota, CyberOptics generates approximately $100 million in annual revenue. And CyberOptics’ sensors are used for inspection and metrology in the semiconductor and surface mount technology (SMT) markets to improve yields and productivity. The company’s inspection systems provide assurance of high quality, accuracy and speed. Its innovative and proprietary 3D Multi-Reflection Suppression (MRS) optical sensor technology and WaferSense® wireless measurement sensors for tool setup and diagnostics will expand Nordson’s growth opportunities into new areas of the manufacturing process and packaging of semiconductor wafers.

KEY QUOTES:

“We look forward to welcoming nearly 200 CyberOptics employees to Nordson. The company’s advanced 3D optical sensing technology and market-leading wireless measurement sensors will expand Nordson’s current test and inspection capabilities, enabling us to offer new and differentiated solutions to our semiconductor customers. and electronics. By applying the NBS Next growth framework, we will invest in CyberOptics’ greatest opportunities for profitable growth while delivering the benefits of our global business infrastructure and customer-centric model.

— Sundaram Nagarajan, President and CEO

“Our global test and inspection division within the Advanced Technology Solutions segment primarily serves the electronics market in diversified end-customer applications and has seen consistent profitable growth. CyberOptics’ differentiated technologies combined with Nordson’s global sales, applications and services infrastructure will enable accelerated growth rates and the realization of $6 million in net cost synergies.

— Joseph Kelley, Executive Vice President and Chief Financial Officer

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