Adept Technology, Inc. (NASDAQ: ADTK), a manufacturer of flexible automation for the telecommunications, fiber optic and semiconductor industries, announced it has signed a definitive agreement to acquire privately held CHAD Industries, Inc., located in Orange, California, in exchange for a combination of equity and cash to be paid out over three years. Completion of the acquisition remains subject to obtaining required approvals and other standard closing conditions. Adept reports that this latest strategic acquisition is expected to be immediately accretive to revenue and earnings.
The acquisition of CHAD is the latest step in Adept's ongoing photonics automation strategy. CHAD's experience developing and building standardized precision workcells based on Adept software, controls and robot systems was key in the acquisition decision. Adept plans to leverage CHAD's expertise in small part feeding, precision tooling design, and the handling of odd-form components to add capacity in photonics automation. CHAD's initial role within Adept following completion of the acquisition will be to develop process module tooling for both Adept NanoLine stage products and NanoCell automated process ready platforms. In addition, Adept plans to support and grow CHAD's existing odd-form standard machine business, which has been the cornerstone of CHAD for the last two decades.
About CHAD:
Founded in 1973 CHAD Industries was established as a design and manufacturing company specializing in custom automation.
About Adept:
Adept Technology designs, manufactures and markets factory automation components and systems for the fiber optic, telecommunications, semiconductor, automotive, food and durable goods industries. For more information, visit www.adept.com.