API Technologies Completes Acquisition of Inmet and Weinschel
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ORLANDO, Fla. –Â API Technologies Corp. (NASDAQ: ATNY) ("API" or the "Company"), a leading provider of high performance RF, microwave, millimeterwave, power, and security solutions today announced the successful completion of its acquisitions of Aeroflex / Inmet, Inc. ("Inmet") and Aeroflex / Weinschel, Inc. ("Weinschel") from Cobham plc (LON: COB) for a total purchase price of $80.0 million.
Combined, Inmet and Weinschel generated revenue of $51.4 million and EBITDA margins over 20% for the year ended December 31, 2014. The closing of the acquisition of Inmet and Weinschel adds breadth to API's RF, microwave, and microelectronics product portfolio, extends the Company's subsystems offering, and furthers API's reach in key end markets, including defense, space, commercial aviation, and wireless.
Robert Tavares, President and Chief Executive Officer of API, stated: "We are very pleased to have completed the acquisition of Inmet and Weinschel - two premier product brands that will augment our industry leading portfolio of high-performance RF, microwave, and microelectronics solutions. The addition of Inmet and Weinschel strengthens our competitive position as a top electronic solutions provider, while also being immediately accretive to API's cash flow and earnings. I want to personally welcome the Inmet and Weinschel team members to API and look forward to jointly delivering products of exceptional quality and performance to our global customer base."
About API Technologies Corp.
API Technologies (NASDAQ: ATNY) is an innovative designer and manufacturer of high performance systems, subsystems, modules, and components for technically demanding RF, microwave, millimeterwave, electromagnetic, power, and security applications. A high-reliability technology pioneer with over 70 years of heritage, API Technologies products are used by global defense, industrial, and commercial customers in the areas of commercial aerospace, wireless communications, medical, oil and gas, electronic warfare, unmanned systems, C4ISR, missile defense, harsh environments, satellites, and space. Learn more about API Technologies and our products at www.apitech.com.
Contact:
Claudio Mannarino
Senior Vice President and Chief Financial Officer
+1 855-294-3800
investors@apitech.com
Tara Flynn Condon
Vice President, Corporate Development Marketing
+1 908-546-3903
media@apitech.com
SOURCE API Technologies Corp.
Web Site: http://www.apitechnologies.com
