Southern Indiana Business Report
JASPER – Kimball Electronics Inc. recently completed the divestiture of its automation, test and measurement business.
The sale to Averna Technologies Inc. closed on July 31, with the proceeds from the transaction being used for support of organic growth, debt reduction and share repurchases.
Kimball Electronics entered the automation, test and measurement industry with the acquisition of Global Equipment Services Inc. in 2018. In May, Kimball announced its intent to sell the business. AT&M provides advanced testing and inspection solutions for manufacturers in the industrial, medical, consumer electronics and semiconductor sectors.
“While we have made significant strides enhancing our capabilities in AT&M since the acquisition of GES, we determined that it is not a good strategic fit for Kimball and that focusing on core EMS operations aligns best with strategic priorities and longer-term growth opportunities for the Company,” said Kimball CEO Richard Phillps. AT&M will be well-positioned under new ownership with expertise in testing and measurement, broad industry knowledge, and established client relationships. We thank the team for their contributions and wish them success moving forward.”
“The addition of the GES team, and its footprint in Silicon Valley and Asia, is a perfect fit for Averna,” explained Francois Rainville, CEO of Averna. “This will further strengthen our position as one of the worldwide leaders focused in automation, test, and measurement. Now with 1,200 professionals spanning across the Americas, Europe and Asia, we can better partner with our global customers in all aspects of their product test requirements, wherever they are. We welcome our new teammates and are looking forward to this new chapter in Averna’s story.”
B. Riley Securities acted as the exclusive financial advisor on the transaction.
About Kimball Electronics
Kimball Electronics is a global, multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world. Its headquarters are in Jasper and it has operations in the United States, China, Mexico, Poland, Romania and Thailand.