Siemens Acquires Altair in $10B Deal

MUNICH – Siemens has signed an agreement to acquire Altair Engineering for $113 per share, representing an enterprise value of approximately $10 billion.

The acquisition of the simulation software provider will increase Siemens’ digital business revenue by 8%, adding around EUR600 million ($651 million) to its revenue of EUR7.3 billion ($7.9 billion) in fiscal year 2023, the company said, and providing Altair full access to its global footprint and customer base should have a revenue impact of more than $500 million per year in the mid term and more than $1 billion per year in the long term.

“Acquiring Altair marks a significant milestone for Siemens,” said Roland Busch, president and CEO, Siemens, said in a release announcing the acquisition. “This strategic investment aligns with our commitment to accelerate the digital and sustainability transformations of our customers by combining the real and digital worlds. The addition of Altair’s capabilities in simulation, high performance computing, data science, and artificial intelligence together with Siemens Xcelerator will create the world’s most complete AI-powered design and simulation portfolio.”

“It is a logical next step: we have been building our leadership in industrial software for the last 15 years, most recently, democratizing the benefits of data and AI for entire industries,” said Siemens CFO Ralf P. Thomas. “The acquisition of Altair is highly synergistic, underpinning Siemens’ stringent capital allocation, balancing investments and shareholder returns on the basis of a strong balance sheet. The transaction is expected to be EPS accretive two years post-closing.”

Based in Troy, MI, Altair has more than 3,500 employees and specializes in software and cloud solutions for simulation, IoT, high-performance computing, data analytics, and AI.

“This acquisition represents the culmination of nearly 40 years in which Altair has grown from a startup in Detroit to a world-class software and technology company,” said James Scapa, Altair’s founder and CEO. “We have added thousands of customers globally in manufacturing, life sciences, energy and financial services, and built an amazing workforce, and innovative culture. We believe this combination of two strongly complementary leaders in the engineering software space brings together Altair’s broad portfolio in simulation, data science, and HPC with Siemens’ strong position in mechanical and EDA design. Siemens’ outstanding technology, strategic customer relationships, and honest, technical culture is an excellent fit for Altair to continue its journey driving innovation with computational intelligence.”

Altair was reported to be seeking a sale after receiving acquisition interest earlier in October, with PTC and Cadence Design Systems reported as possible bidders in addition to Siemens.

The deal is expected to be completed in the second half of 2025, subject to customary conditions.

TTM Receives $30M from DoD to Fund Expansion

SYRACUSE, NY – TTM Technologies received a $30 million grant from the US Department of Defense to help fund an expansion of its PCB manufacturing capabilities.

The grant, facilitated through the Defense Production Act Purchases (DPAP) office, will enable TTM to acquire and install advanced manufacturing equipment and develop prototype designs for printed circuit boards. The project will begin at TTM’s Centers of Excellence across the US and culminate in integration into its new Syracuse facility.

“The DoD requires state-of-the-art advanced printed circuit board manufacturing capability to support defense programs,” said Dr. Laura Taylor-Kale, assistant secretary of defense for Industrial Base Policy. “This project provides domestic manufacturing capabilities to meet demand for current and future US systems.”

“This $30 million investment will help enable TTM to build a new 200,000+ square foot facility, significantly increasing domestic production of ultra-high density printed circuit boards and bolstering supply chain resilience in line with the 2024 National Defense Industrial Strategy,” added Anthony Di Stasio, director of the Manufacturing Capability Expansion and Investment Prioritization directorate.

Würth to Close PCB Plant After Drop in Orders

NIEDERNHALL, GERMANY – Würth Elektronik will close its PCB production plant in Schopfheim, Germany, citing a “dramatic decrease” in orders due to weakness in the European electronics industry. The closure affects more than 300 jobs at the facility.

The company said the region’s economic crisis has reached historic proportions, particularly in the industrial electronics sector, leading to a sharp decline in European PCB manufacturers as orders shift to China and other countries. It said the situation is exacerbated by massive increases in energy and personnel costs, as well as geopolitical and economic uncertainty.

The demand from other industries that rely heavily on regional value creation is too low to permanently utilize the capacities of all Würth PCB production facilities, including medical technology and aerospace, the company said.

“Unfortunately, we currently see no alternative to ceasing production in Schopfheim,” said Daniel Klein, managing director of Würth Elektronik Circuit Board Technology. “This measure is necessary to minimize losses and ensure the company’s long-term competitiveness. The cost pressure is highest at our series and standard PCB plant in Schopfheim.”

Future orders will be handled at other Würth Elektronik locations in Germany.

“The management and employee representatives began discussions on Oct. 4 about a reconciliation of interests and a social plan to cushion the necessary decision with socially acceptable solutions and to support the colleagues,” said Würth Elektronik managing director Andreas Gimmer. “Further meetings have been scheduled. There are no concrete results yet.”

Würth said its production sites in Niedernhall and Rot am See, Germany, will focus on industries and applications whose more complex and individual PCBs are manufactured in Europe. Comprehensive services around the PCB will be maintained to accompany customers from the product idea to the finished product.

Ventec Consolidates German Facilities

KIRCHHEIMBOLANDEN, GERMANY – Ventec in October announced plans to consolidate two facilities here into a single production and logistics center. The company said the project is scheduled to be completed in the fourth quarter of 2025.

Following the company’s acquisition of Holders Technology in October 2021, Ventec has two separate facilities in this southwestern Germany town, and the company said it plans to consolidate the two and upgrade a 13,500 sq. ft. campus with modern offices, fully equipped production halls and a new 1,800 sq. m. warehouse.

The enhanced facilities will include an enlarged prepreg cutting cleanroom, a new hall for cutting the company’s laminate materials and state-of-the-art drilling and milling machines. The facility will also include a modern dust-extraction system that meets the latest CO₂ reduction requirements, as well as solar power and heat pumps to ensure the buildings meet the latest eco guidelines.

Ventec said the production halls will separate the areas for handling varnish products from Taiyo, Ventec CCL and prepreg, and distribution release films and non-CCL materials, optimizing the layout for smooth process flows for volume and quickturn service.

“We are investing in our vision to take the EMEA business forward into the future, as we strive to continually improve services for customers, enhance delivery performance, raise quality, and ensure the best possible working environment for our people,” said Frank Lorentz, general manager, Ventec Central Europe.

“The investment in our European Production & Logistics Center is a testament to Ventec’s commitment to driving sustainable development across our global supply chain network,” said Mark Goodwin, COO, EMEA & Americas. “The increased footprint with enhanced volume and quick turn servicing capability and large warehousing facilities in a new centralized building is critical to the successful execution of our growth strategy. When completed, our new facilities will contribute towards further strengthening the global Ventec supply chain to meet the constantly evolving needs of the electronics manufacturing community throughout EMEA and worldwide.”

VVDN to Build PCB Plant in India

MANESAR, INDIA – VVDN Technologies plans to invest up to $200 million in a new PCB fabrication and connectors facility, part of a larger strategy for the ODM to ensure a steady supply chain for key components and lessen its imports from China.

The new plant is expected to come online within three to four years, said Vivek Bansel, president of VVDN, according to published reports.

VVDN is one of India’s largest electronics ODMs.

Amber, Korea Circuit Form JV for PCB Production

GURUGRAM, INDIA – Amber Enterprises has signed a joint venture with Korea Circuit to manufacture advanced printed circuit boards in India.

Amber said the partnership is aimed at addressing India’s growing demand for electronics, and through this collaboration, the companies plan to bring cutting-edge technology and manufacturing processes to the nation’s market.

Amber and Korea Circuit will own 70% and 30% of the joint venture, respectively, which will focus on manufacturing high-density interconnect (HDI) PCBs, flexible PCBs, and semiconductor substrates.

AT&S Sells Korean Plant to Somacis

LEOBEN, AUSTRIA – AT&S in September completed the sale of AT&S Korea, including its PCB manufacturing plant in Ansan, South Korea, to Somacis for around €405 million ($452.8 million). The transaction is subject to regulatory approval and is expected to be completed in the next few months.

“With the sale of the plant in Ansan we aim to further sharpen the group’s strategic profile,” said AT&S CFO Petra Preining. “We strongly believe that with the Italian technology group Somacis as its new owner, the Ansan site will unleash its full potential and continue pursuing an attractive journey of strong growth.”

“Ansan is an AT&S success story,” said CEO Andreas Gerstenmayer. “When AT&S acquired the plant in 2006, all revenue was generated locally, and its performance was far below the expectations of AT&S. The development of new applications, strong investment in technology and capabilities, as well as the strong commitment of the responsible team resulted in strong revenue growth and a significant improvement in performance. Within only a few years, revenue quadrupled.”

The Ansan plant focuses on producing flexible circuit boards for electronic systems across several industries.

“As flexible microelectronic applications are growing and will open up entirely new technological opportunities in the years to come, we were looking for a buyer who recognizes the full potential and that will purposefully lead the organization into the future,” said Peter Schneider, member of AT&S’ board and EVP of its Electronics Solutions business unit.

“We were highly impressed with the management team and technological capabilities of the Ansan plant and are very excited about its future potential. We plan to continue to serve its existing customer base with the highest reliability and strong technological competencies that Ansan is currently well-known for, while at the same time maintaining its proven track record of growth through strong additional investments in its existing team and technical capabilities,” added Giovanni Tridenti, CEO, Somacis.

Scanfil Acquires Asia-Pacific Manufacturer SRXGlobal

OULU, FINLAND – Scanfil in October announced the acquisition of SRXGlobal and its factories in Melbourne, Australia, and Johor Bahru, Malaysia, for €23.3 million ($26 million).

Between the two factories, SRX has eight total SMT lines and around 300 employees.

“The acquisition of SRX is a step in building our presence in Asia-Pacific region and the implementation of our strategy,” said Scanfil CEO Christophe Sut. “It creates synergies in procurement, improves geographic diversification and strengthens our customer portfolio. The acquisition brings us new customers and allows our existing customers to expand their operations with us in the new areas of the fast-growing Asia Pacific region.”

SRX specializes in complex, high-mix, low-to-medium volume production and has a diversified spread of customers, Scanfil said.

“We have a lot in common with Scanfil with our Medical and Industrial focus, complex manufacturing capabilities and, importantly, genuine pride in the people we employ – creating a team that can deliver world-class operational performance takes time and dedication,” said Paul Appleby, CEO, SRX. “For almost 30 years, SRX has provided exceptional service in Australia and Malaysia and developing meaningful relationships with our staff, customers, and suppliers. Culturally, we are very close to Scanfil and share similar values with high work ethic, professionalism in all things we do, and strong customer focus. I am thrilled that SRX is now part of the Scanfil family, and I look forward to seeing SRX grow stronger under the new ownership structure.”

Jabil Acquires Thermal Management OEM

ST. PETERSBURG, FL – Jabil in October announced the acquisition of Mikros Technologies, a manufacturer of liquid cooling solutions for thermal management.

Jabil said the continued adoption of AI, energy storage and electric vehicles is driving higher-power density systems, and liquid cooling has emerged as a more energy-efficient alternative to air cooling for many applications.

The company said the acquisition of Mikros will enable Jabil to help its customers manage the intense thermal requirements of their current and next-generation products while considering sustainability and cost considerations.

“We are thrilled to welcome Mikros Technologies to the Jabil team,” said Ed Bailey, senior vice president and chief technology officer, Jabil. “The thermal management capabilities they bring will allow Jabil to extend the range of services we provide to cloud service providers, hardware OEMs, and liquid cooling solutions providers. In addition to the data center ecosystem, we see significant opportunities in other end-markets that require thermal management, including automated test equipment for semiconductors, batteries, energy storage systems, and electric vehicles.”

Jabil said Mikros’ microchannel cold plate designs enhance energy efficiency by effectively cooling over 1kW per square centimeter, and its technologies and capabilities will complement its portfolio of data center lifecycle solutions, semiconductor test equipment solutions and energy and transportation solutions.

“Joining Jabil is a tremendous path forward for Mikros Technologies. We can now scale our best-in-class liquid cooling capabilities to meet the thermal demands of the world’s leading brands alongside a high-performing team of people we enjoy working with,” said Drew Matter, CEO, Mikros Technologies.

Flex to Acquire Crown Technical Systems

AUSTIN, TX – Flex entered a definitive agreement to acquire Crown Technical Systems, a specialist in power distribution and protection systems, for $325 million.

Crown Technical Systems brings nearly three decades of power distribution and control experience, with capabilities in modular solutions, medium-voltage switchgear, and control and relay products. The company has customers in utilities, data centers and power generation, and has facilities in California, Texas, and Canada.

“The addition of Crown Technical Systems strengthens our position to help customers solve power, heat, and scale challenges in the data center space aligned with our long-term growth strategy,” said Flex CEO Revathi Advaithi. “This acquisition reaffirms our commitment to differentiate our value through our EMS + Products + Services strategy that will deliver longer-term shareholder value.”

“This deal brings together complementary products and teams, marking a superb outcome for Crown’s employees and customers,” said Norm Siddiqui, president, Crown Technical Systems. “We are excited to join the Flex team and accelerate growth through Flex’s global reach and strong presence in markets such as data centers.”

Flex said the acquisition increases its exposure to markets such as modular data centers and medium-voltage power distribution, while also extending its power portfolio and accelerating its growth in the US data center market.

Crown Technical Systems is expected to generate revenue of approximately $120 million, with the transaction expected to close no later than December 2024, subject to customary closing conditions.

Mycronic Buys German AOI Maker

TÄBY, SWEDEN – Mycronic has acquired Modus High-Tech Electronics, a German provider of automated optical inspection systems.

Modus specializes in automated optical inspection units for coating, soldering and components within printed circuit board assembly, and has also developed solutions for fuel cell inspection. The company was founded in 1999, has 18 employees and more than 1,650 scanners and 650 camera systems in service. Its net sales in 2023 amounted to €4 million ($4.3 million).

“Modus’ inspection systems are an integral part of conformal coating production lines, where Mycronic’s High Volume division is a global leader in electronics conformal coating solutions. Together we will be able to offer complete and optimized solutions to our respective customers,” said Ivan Li, senior vice president, high volume, Mycronic.

Aimtron Expands Operations After Public Listing

AHMEDABAD, INDIA – Aimtron Electronics announced an expansion of its domestic electronics assembly operations in India after a public listing earlier this year.

The company said the public listing marks a significant milestone in its journey, providing greater financial flexibility and an opportunity to accelerate its strategic initiatives.

“India holds tremendous potential in electronics manufacturing, and we aim to be a major contributor to that growth. Our goal is to ensure that a significant share of our production and innovation happens within the country,” said CEO Mukesh Vasani.

The company said it is aggressively increasing its Indian manufacturing capacity, aiming to locally produce sophisticated and high-quality electronic components that meet global standards. As part of the expansion, Aimtron is investing in new technologies such as advanced SMT lines with AI capabilities and automated assembly systems.

The company is also working to develop local talent, and with the launch of the Aimtron Foundation, it is providing extensive training and skill development programs for young engineers and technicians. Aimtron said the foundation is key in bridging the skills gap, equipping individuals with the expertise needed to thrive in the electronics manufacturing industry.

“Developing local talent is key to our strategy,” said Vasani. “Our vision is to create a skilled workforce that drives innovation from within India.”

Report: Jabil Looks to Expand India Investments

ST. PETERSBURG, FL – Jabil is looking to invest an additional $250 million to $275 million in India over the next few years for at least two more manufacturing units, the Economic Times reported.

The company currently has two units in Pune where it manufactures plastic casings for Apple’s AirPods, and could be looking to make plastic casings for chargers, some older iPhone models, AirPods or components for Apple watches and Mac computers, according to ET’s report.

As Apple continues to look to India as an alternative to China, 13 of its suppliers, including Zhen Ding Technology, TDK Corporation, Tata Electronics, Sunwoda Electronic Company, Shenzhen YUTO Packaging Technology, Jabil and Foxconn, have manufacturing and assembly facilities in the country.