AVX Corp. said it completed the acquisition of Ethertronics Inc. for approximately $138.5 million in cash and assumption of $11.5 million of net debt.
The deal will be subject to customary post-closing adjustments based on company's actual net debt and actual working capital as of closing.
Ethertronics, which employs 700 workers, is a privately held manufacturer of passive and active antenna systems. The acquisition includes Ethertronics' six locations in China, South Korea, Vietnam, France, Taiwan and the Americas. These offices are engaged in research and development, manufacturing and sales.
"The purchase of Ethertronics expands our extensive electronic product offering in to the world of antenna technology," said AVX President and CEO John Sarvis.
AVX Corp. is a unit of Kyocera Corp.
