Circuit world to acquire Firan Technology Group

Citation

(2004), "Circuit world to acquire Firan Technology Group", Circuit World, Vol. 30 No. 1. https://doi.org/10.1108/cw.2004.21730aab.007

Circuit world to acquire Firan Technology Group

Circuit world to acquire Firan Technology Group

Keywords: Acquisition, Printed circuit boards

Circuit World Corporation has announced that it has entered into an agreement dated 5 June 2003 to acquire all the shares of Firan Technology Group Inc., a wholly owned subsidiary of Glendale International Corp.

This agreement establishes Circuit World as the leading supplier of high reliability printed circuits to the aerospace and defence industries in Canada.

Although Circuit World's presence will increase substantially within the aerospace and military markets as a result of this acquisition, the company's target markets also include medical, power, test and instrumentation as well as certain high technology segments within the telecom and computer industries.

On a combined basis, Circuit World Corporation and Firan Technology Group had approximately $50 million in revenue for fiscal 2002.

Under the merger agreement, Circuit World will issue 8,541,987 common shares to Glendale, representing 49 per cent of the outstanding voting shares of Circuit World post-issuance, and Glendale will nominate four of seven Circuit World directors following closing.