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Mergers and Acquisitions in the Printed Electronics Industry

There have been significant mergers, with Nanosys, Imprint Energy and JOLED among the companies that have been acquired.

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By: DAVID SAVASTANO

Editor, Ink World Magazine

The printed and flexible electronics business has seen mayn mergers and acquisitios in the last few years. In particular, the display segment has seen sizable moves, with Samsung Display acquiring eMagin, Japan Display acquiring JOLED and Shoei Chemical acquiring quantum dots leader Nanosys. In another huge move, CCL Industries acquired Imprint Energy, a pioneer in printed batteries.

Here are some of the key moves we are watching, beginning with the most recent; we will add to the list as new acquisitions are reported:

 

Acquiring Company: Nano Dimension

Acquired Company: Markforged

Date of Acquisition: September 2024

Comments: Nano Dimension Ltd. and Markforged Holding Corporation jointly announced that they have entered into a definitive agreement pursuant to which Nano Dimension will acquire all outstanding shares of Markforged in an all-cash transaction for $5.00 per share. Markforged’s 2023 revenue was $93.8 million with a 47.4% gross margin and 48.6% non-GAAP gross margin.


Link to More Information:
Nano Dimension to Acquire Markforged
  

 

Acquiring Company: Vitaprotech

Acquired Company: Identiv’s Physical Security Business

Date of Acquisition: September 2024

Comments: Identiv, Inc. announced the successful conclusion of its previously announced asset sale transaction with Vitaprotech, a security solutions provider. Upon closing the transaction, Identiv received a cash payment of approximately $144.2 million, subject to further customary adjustments, and Kirsten Newquist, formerly Identiv’s president, IoT Solutions, succeeded Steven Humphreys as the company’s CEO.


 

Acquiring Company: GNMI

Acquired Company: Merck KgaA

Date of Acquisition: August 2024

Comments: Merck KGaA, Darmstadt, Germany, a leading science and technology company, has signed an agreement to sell its global Surface Solutions business unit to Global New Material International Holdings Ltd. for €665 million in cash. Surface Solutions offers pigment solutions used in coating, industrial and cosmetic applications. The business unit generated sales of € 411 million in 2023.

 

Acquiring Company: Nano Dimension

Acquired Company: Desktop Metal

Date of Acquisition: July 2024

Comments: Nano Dimension Ltd. and Desktop Metal, Inc. jointly announced that they have entered into a definitive agreement under which Nano Dimension will acquire all outstanding shares of Desktop Metal in an all-cash transaction for $5.50 per share, subject to possible downward adjustments to $4.07 per share. The combined company had 2023 combined revenue of $246 million, of which 28% was generated by recurring revenue streams from the services and consumables.


Link to More Information:
Nano Dimension to Acquire Desktop Metal
  

Acquiring Company: Fedrigoni

Acquired Company: BoingTech

Date of Acquisition: June 2024

Comments: The Fedrigoni Group entered into an agreement to acquire a majority stake in BoingTech, a subsidiary of Shanghai Inlay Link Inc (a NEEQ-listed Chinese holding company) and one of the pioneers in the manufacturing of RFID inlays and tags, both UHF and HF/NFC, produced in its two plants (in China and Malaysia). As a result of the BoingTech acquisition, which is expecting a turnover of about $60 million for 2024 and more than 300 employees, Fedrigoni strengthens its position as a player in RFID.


 

Acquiring Company: DuPont

Date of Acquisition: May 2024

Comments: DuPont announced a plan to separate into three distinct, publicly traded companies. Under the plan, DuPont would execute the proposed separations of its Electronics and Water businesses in a tax-free manner to its shareholders with New DuPont continuing as a premier diversified industrial company following completion of the separations.


 

Acquiring Company: BYD Electronic (International) Company Limited

Acquired Company: Jabil’s Mobility Business

Date of Acquisition: January 2024

Comments: Jabil Inc. announced the closing of the transaction to divest its Mobility business to BYD Electronic (International) Company Limited (BYDE) in a cash transaction valued at $2.2 billion.

 

Acquiring Company: Infineon

Acquired Company: GaN Systems

Date of Acquisition: October 2023

Comments: Infineon Technologies AG acquired GaN Systems Inc. The Ottawa-based company brings with it a broad portfolio of gallium nitride (GaN)-based power conversion solutions. Infineon acquired GaN Systems for US$830 million.



Link to More Information:
Infineon Completes Acquisition of GaN Systems
 

Acquiring Company: Excelitas Technologies

Acquired Company: Heraeus Noblelight

Date of Acquisition: October 2023


Comments: Excelitas Technologies Corp. announced that it has signed a definitive agreement with Heraeus Group to acquire Heraeus Noblelight, which specializes in the development and manufacture of specialty light sources and solutions, from ultraviolet to infrared. Terms were not disclosed.

Acquiring Company: Emerson

Acquired Company: National Instruments (NI)

Date of Acquisition: October 2023

Comments: Emerson acquired NI, a leading provider of software-connected automated test and measurement systems, at an equity value of $8.2 billion. The acquisition advances Emerson’s position as a global automation leader.

Link to More Information:
Emerson Completes Acquisition of NI
 

Acquiring Company: FUJIFILM

Acquired Company: Electronic Chemical Business of Entegris

Date of Acquisition: October 2023

Comments: FUJIFILM Corporation acquired the electronic chemicals business (formally CMC Materials KMG Corporation) of Entegris, Inc. for $700 million. The organization, which is being renamed FUJIFILM Electronic Materials Process Chemicals, is part of Fujifilm’s strategy to further position the business as a leader in semiconductor materials manufacturing. 

 

Acquiring Company: Excelitas Technologies

Acquired Company: Heraeus Noblelight

Date of Acquisition: October 2023

Comments: Excelitas Technologies Corp. announced that it has signed a definitive agreement with Heraeus Group to acquire Heraeus Noblelight, which specializes in the development and manufacture of specialty light sources and solutions, from ultraviolet to infrared. Terms were not disclosed.

Link to More Information:
Excelitas Technologies to Acquire Heraeus Noblelight
 

Acquiring Company: ASSA ABLOY

Acquired Company: Evolis

Date of Acquisition: September 2023

Comments: ASSA ABLOY is a leader in the area of door openings and access solution products in homes, businesses and institutions. EVOLIS S.A. is a leading French manufacturer of ID card printers and consumables, which fits well in ASSA ABLOY’s portfolio. The total amount paid for the acquisition, the offer and the squeeze-out, would amount to approximately €228.4 million.

 

Link to More Information:
ASSA ABLOY Acquires Evolis

Acquiring Company: Shoei Chemical

Acquired Company: Nanosys

Date of Acquisition: September 2023

Comments: Nanosys is the leading quantum dots producer globally. Shoei Chemical is a privately-owned electronic materials manufacturer, and has been producing Nanosys’ quantum dots. Shoei will continue to operate the Nanosys brand and its Silicon Valley-based R&D facility. Terms were not disclosed.

 

Acquiring Company: Samsung Display

Acquired Company: eMagin

Date of Acquisition: August 2023

Comments: Samsung Display is a global leader in the smartphone, TV and display segment, with OLEDs a key focus of its technology. eMagin designs and manufactures Active-Matrix OLED microdisplays (AMOLEDs) for high-resolution, AR/VR and other near-eye imaging products. The transaction is valued at approximately $218 million.

 

Acquiring Company: ADDiTEC

Acquired Company: Xerox Elem Additive Solutions

Date of Acquisition: August 2023

Comments: Xerox developed its liquid metal 3D printer, ElemX, with customers including Siemens, the U.S. Department of Energy’s Oak Ridge National Laboratory, Rochester Institute of Technology, and Vertex Manufacturing. ADDiTEC will continue to support these customers as the Xerox Elem Additive team transitions to the organization. Terms were not disclosed.

 

Acquiring Company: CCL Industries

Acquired Company: Imprint Energy

Date of Acquisition: August 2023

Comments: Imprint Energy is a start-up technology company with proprietary technology for ultrathin, non-hazardous and non-toxic printed batteries for IoT devices, sensors and wearables. The transaction is valued at approximately $27 million. Dr. Christina Ho, the company’s founder, wil be joining CCL, a leading global label printer who is heavily involved in RFID, having acquired Checkpoint Systems in 2016.

 

Link to More Information:
CCL Industries Acquires Imprint Energy
 

Acquiring Company: Universal Display

Acquired Company: Merck KGaA’ s phosphorescent OLED emitter IP

Date of Acquisition: August 2023

Comments: Universal Display’s wholly-owned subsidiary, UDC Ireland Limited, acquired the Phosphorescent OLED Emitter Intellectual Property (IP) assets of Merck KGaA, Darmstadt, Germany. Representing more than 15 years of research and development, this portfolio includes more than 550 issued and pending patents around the world in 172 patent families. Terms were not disclosed.

 

Acquiring Company: Japan Display, Inc.

Acquired Company: JOLED

Date of Acquisition: June 2023

Comments: Japan Display, Inc. (JDI) acquired JOLED’s OLED display technologies and intellectual property rights, while providing employment to JOLED employees. JOLED has been printing displays using inkjet techniques. JDI made a cash payment of JPY 1 billion ($7.2 million) for the acquisition.

 

Link to More Information:
Japan Display Inc. Completes JOLED Acquisition
 

Acquiring Company: RAFI Group

Acquired Company: Xymox Technologies Inc.

Date of Acquisition: July 2023

Comments: Xymox Technologies is a leader in capacitive sensors and membrane switches, which fits well with RAFI Group’s expertise in electro-mechanical components and electronic assemblies designed for human-machine communication. Terms were not disclosed.

 

Acquiring Company: First Solar

Acquired Company: Evolar AB

Date of Acquisition: May 2023

Comments: US-based First Solar is one of the world’s largest producers of photovoltaics, and the largest using cadmium telluride technology. By adding Evolar AB, a European leader in perovskite technology, First Solar is looking at next generation PV technology while adds its first European R&D facility.The purchase price is approximately $38 million paid at closing and up to an additional $42 million to be paid subject to certain technical milestones being achieved in the future.

 

Acquiring Company: SRI International

Acquired Company: Xerox’s Palo Alto Research Center (PARC)

Date of Acquisition: April 2023

Comments: Xerox’s Palo Alto Research Center (PARC) is a legendary technology center, having been credited with numerous landmark development, including laser printersm, the Ethernet and the computer mouse. Xerox donated PARC to SRI International, another Silicon Valley technical giant.
In addition, in June 2023, Xerox sold the Xerox Research Centre of Canda to Myant Capital Partners. Terms were not disclosed.

 

Acquiring Company: CCL Industries

Acquired Company: eAgile Inc.

Date of Acquisition: April 2023

Comments: A leader in the RFID field through its Checkpoint subsidiary, CCL Industries is the world’s largets label printer. In April 2023, CCL acquired eAgile, an RFID inlay specialist headquartered in Grand Rapids, MI. eAgile is noted for ts efforts in the heathcare segment. The transaction is valued at $54 million, including an estimated $1 million net cash assumed with $7 million deferred for five years.

 

Acquiring Company: HID Global

Acquired Company: GuardRFID

Date of Acquisition: February 2023

Comments: HID, an RFID leader and subsidiary opf ASSA ABLOY, acquired GuardRFID, a leader in real-time location services (RTLS) hardware and software for healthcare, an important market for HID. This follows on HID’s acquisition of Vizinex RFID in May 2022. Terms were not disclosed.

 

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