Cohu Divests Printed Circuit Board Test Business to Mycronic for $125 Million
05:00 AM EDT, 05/10/2021 (MT Newswires) -- Cohu (COHU) said Monday that Mycronic has agreed to buy atg Luther & Maelzer and other affiliated entities and assets related to Cohu's printed circuit board test group business for about $125 million in cash.
The company plans to use the expected net cash proceeds of about $95 million to $100 million to repay the outstanding principal on its term loan facility.
The divestment is expected to close by the end of June, according to the statement.
As of March 27, the printed circuit board test group business reported sales of $52.9 million for the last 12months. Cohu does not expect to update its guidance for fiscal Q2 ending June 26.
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