Kimball Electronics Aquires Global Equipment Services

Kimball Electronics Aquires Global Equipment Services

Kimball Electronics, Inc. (Nasdaq: KE) announced that it has, acting through its wholly-owned subsidiaries, completed the purchase of substantially all of the assets and assumed certain liabilities of GES Holdings, Inc., Global Equipment Services and Manufacturing, Inc., and its subsidiaries (collectively “GES”).  As previously announced, the price was approximately $50 million plus the assumed liabilities.

“The acquisition of GES is the first significant step in our new platform strategy and our plans to continue our development beyond EMS to a multifaceted manufacturing solutions company,” stated Chris Thyen, Vice President, New Platforms, Kimball Electronics, Inc.  “GES brings us new technologies and capabilities in automation, test, and measurement that will open new doors with new and existing customers.”

“We are all very excited to be joining the Kimball family and to continue our journey with our new colleagues.  Both companies have a long track record of customer service excellence.  Together, we have an even greater opportunity to help build our customers’ success,” stated Don Tran, Vice President, General Manager, GES.

“I am delighted to welcome the GES global team and the additional expertise they will bring our global company,” stated Don Charron, Chairman and CEO, Kimball Electronics, Inc.  “I look forward to working with Chris and Don Tran as we execute our new platform strategy involving GES and continue our relentless pursuit to build lasting relationships and global success.”

In fiscal year 2019, GES is expected to add 4 to 6%, reflecting seasonality, to Kimball Electronics consolidated net sales and to be neutral to slightly accretive to earnings per share.

Category Business Buzz