M&A Activity • Oct 25, 2021
M&A Activity
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SAES Getters S.p.A., which already holds the 49% of shares, will acquire 100% of SAES RIAL Vacuum S.r.l. share capital, aiming to consolidate SAES Group's leadership in the advanced scientific research market, maximizing synergies with other Group companies operating in the high vacuum business, including the newly acquired Strumenti Scientifici Cinel S.r.l.
Finalizing the agreements signed at the end of 2015 and their subsequent developments, SAES Getters S.p.A., which already holds the 49% of shares, announces that an agreement has been reached for the acquisition of the entire share capital of SAES RIAL Vacuum S.r.l.
SAES RIAL Vacuum S.r.l. was formed at the end of 2015 and is jointly controlled by SAES Getters S.p.A. (49%) and Rodofil S.r.l. (51%). The company specializes in design and production of vacuum chambers for accelerators, synchrotrons and for industrial applications.
The acquisition follows that of Strumenti Scientific Cinel S.r.l., closed in July 2021, and aims to strengthen the Group's competitive position in the high vacuum sector, through an expansion and integration of the offer, which is entirely Italian and at the forefront on a global scale.
The proposed consideration, preliminarily approved by the Board of Directors on October 14, 2021, is around €5.25 million and was defined by adding algebraically to the enterprise value (equal to 10 times the 2020 EBITDA, adjusted for non-recurring components) the net financial position as at December 31, 2020, also proformed by the one-off items.
The closing of the acquisition, subject to the overcoming of the financial and tax due diligence, is expected at the beginning of 2022.
SAES RIAL Vacuum S.r.l., currently consolidated by using the equity method, achieved net revenues equal to €3.1 million and a net income equal to €0.1 million in the first half of 2021. In the year 2020, the company achieved net revenues equal to €5.6 million and a net income equal to €0.6 million. As at June 30, 2021, its shareholders' equity was equal to €1.7 million, while the net financial position was negative for €0.3 million.
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A pioneer in the development of getter technology, the company SAES Getters S.p.A., together with its subsidiaries (hereinafter referred to as SAES® Group) is the world leader in a variety of scientific and industrial applications where stringent vacuum conditions are required. In 80 years of activity, the Group's getter solutions have been supporting technological innovation in the information display and lamp industries, in sophisticated high vacuum systems and in vacuum thermal insulation, in technologies spanning from large vacuum power tubes to miniaturized silicon-based microelectronic and micromechanical devices (MEMS).
Starting in 2004, by leveraging the core competencies in special metallurgy and in the materials science, the SAES Group has expanded its business into the advanced material markets, in particular the market of shape memory alloys, a family of materials characterized by super elasticity and by the property of assuming predefined forms when subjected to heat treatment. These special alloys, which today are mainly applied in the biomedical sector, are also perfectly suited to the realization of actuator devices for the industrial sector (domotics, white goods industry, consumer electronics, healthcare, automotive and luxury sector).
More recently, SAES has expanded its business by developing a technological platform that integrates getter materials in a polymeric matrix. These products, initially developed for OLED displays, are currently used in new application sectors, among which optoelectronics, photonics and above all in the mobile sector. Among the new applications, the advanced packaging is a significantly strategic one, in which SAES is present with an offer of new products for the food sustainable packaging and aims to compete with recyclable and compostable solutions.
A total production capacity distributed in ten facilities, a worldwide-based sale & service network, almost 1,100 employees allow the Group to combine multi-cultural skills and experiences and to be a fully-fledged global company.
SAES Group is headquartered in the Milan area (Italy).
SAES Getters S.p.A. is listed on the Italian Stock Exchange Market, Euronext STAR segment, since 1986.
More information on the SAES Group is available in the website www.saesgetters.com.
Emanuela Foglia Investor Relations Manager Tel. +39 02 93178 273 E-mail: [email protected]
Corporate Media Relations Close to Media Tel. +39 02 70006237 Nicola Guglielmi E-mail: [email protected] Sofia Crosta E-mail: [email protected]
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