Coining Management Team. Sitting, from left, Vito Tanzi (Vice President, Field Sales), Gary Holcomb (CEO), Ken Whited (President) and Julie Scelzo (Vice President, Inside Sales, Customer Service & Marketing). Standing, from left, Pete Pachella (Vice President, Manufacturing), Susan Maddox (Treasurer & Assistant Corporate Secretary), Paul Nikac (Vice President, Global Operations, Wire and Tape & Reel), John Bailey (Controller) and Charlie Italiano (Technical Director)
May 9, 2011
AMETEK, Inc. announced today that it has acquired Coining for $148 million in cash. Coining, the market leader for solder and brazing preforms used in microelectronics packaging and assembly, was previously owned by a private investor group led by Chattanooga, TN-based River Associates Investments, LLC (also see www.ametek.com/press/press-display/AMETEK-ACQUIRES-COINING-HOLDING-COMPANY.aspx).
"Coining is an outstanding addition to AMETEK's business portfolio and an excellent fit with our engineered materials, interconnects and packaging businesses," notes Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. "Coining's unique proprietary manufacturing processes mesh well with our existing specialty metals capabilities."
Gary Holcomb, CEO of Coining since 2004 and recently named Division Vice President and Business Unit Manager, Coining Business Unit, adds "Coining's management and employees are extremely pleased to be joining AMETEK. We will become part of AMETEK's Specialty Metal Products unit within the company's Engineered Materials, Interconnects and Packaging (EMIP) Division." EMIP is a division within AMETEK's Electromechanical Group – a differentiated supplier of electrical interconnects, specialty metals, technical motors, floor care motors and specialty motors with annualized sales of $1.3 billion.
River Associates (www.riverassociatesllc.com) made a controlling investment in Coining in August of 2007. Over the course of its investment, the company aggressively implemented numerous organic and external growth initiatives including opening a sales office in Shenzhen, China in July 2008 and acquiring Semiconductor Packaging Materials ("SPM"), its largest competitor, in January 2009. In October 2010, Coining consolidated its operations with SPM's domestic manufacturing activities into a new, state-of-the-art manufacturing facility in Montvale, NJ, which resulted in significant cost savings and manufacturing efficiencies. During River's majority ownership of just under four years, sales grew from $19 million to approximately $65 million.
Coining, Inc. is the largest manufacturer of gold tin, pure gold and other solder preforms and brazing preforms worldwide and a leading producer of gold, copper and silver bonding wire, aluminum bonding wire and ribbon, solder wire, jumper chips, bonding pads, tabs, heat sinks, lead frames, solder spheres and cover assemblies for microelectronics packaging and assembly. Its products are employed for joining electronic circuitry, packaging microelectronics and providing thermal and electric conductivity for a wide range of electronic devices. Coining's offerings are used for highly engineered applications in the RF/microwave, photonics, medical, aerospace, defense and general electronics industries. The company manufactures products at its facilities in Montvale, New Jersey, USA; Penang, Malaysia; and Casablanca, Morocco, maintains a workforce of 200 employees worldwide and supplies more than 1,000 customers in over thirty countries.
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with annualized sales of $2.9 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion and New Products. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on capital. The common stock of AMETEK is a component of the S&P MidCap 400 and the Russell 1000 Indices.
For more information about Coining, please visit www.coininginc.com or email firstname.lastname@example.org. For information on AMETEK, please visit www.ametek.com.
Coining's new facility at 15 Mercedes Drive in Montvale, NJ