ANAHEIM, USA & TORONTO, CANADA: DDi Corp. and Coretec Inc., both leading providers of technologically advanced printed circuit board engineering and manufacturing services, announced that DDi has completed the acquisition of Coretec.
As previously announced, the purchase price of CDN $25.2 million was comprised of approximately CDN $7.4 million in cash for Coretec’s securities and repayment or assumption of CDN $17.8 million of Coretec debt.
Mikel Williams, President and CEO of DDi Corp., stated: “With the acquisition of Coretec, we have combined two of the leading PCB manufacturers in the North American market – a combination that we believe will strengthen our position in the market, extend our capability to support our collective customers and be beneficial to DDi’s shareholders. We have already commenced planning and implementing a full integration of the companies’ Toronto operations to create a world-class facility.
"We are also working to quickly integrate our sales, general and administrative functions. We are focused on realizing operational cost savings, capital expenditure synergies, and improved utilization of the combined operating assets as quickly as possible. However, we are committed to putting the needs of our customers first, and intend to complete the integration with minimal, if any, impact to our customers.
"We are also looking forward to utilizing the two additional US facilities in Denver and Cleveland to enhance our service offerings to our customers. With the addition of Coretec to DDi, we expect to gain additional strength in the strategic military/aerospace marketplace and strengthen our capabilities with respect to flex and rigid-flex technologies.”
DDi indirectly acquired 17,506,807 shares of Coretec, representing approximately 97.1% of the issued and outstanding shares in the capital of Coretec, for consideration of CDN $0.38 per share. DDi owns 515,000 shares of Coretec, representing the remaining approximately 2.9 percent of the issued and outstanding shares in the capital of Coretec.
As a result of the arrangement, Coretec is owned directly and indirectly by DDi. The acquisition was effected by way of plan of arrangement pursuant to a final order of the Ontario Superior Court granted on December 30, 2009. Coretec expects that its shares will be delisted from the Toronto Stock Exchange at the close of trading on or about January 5, 2010.
DDi was advised in the transaction by Mooreland Partners LLC.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.