Following its strategy to concentrate on high-potential markets, Egide, announces that is has acquired, as planned, the assets of TMS LLC (or Thermal Management Solutions, dba Santier), with the conditions laid down previously with them.
All these elements will be incorporated into a new U.S. company, created for this purpose and named Santier Inc.
Egide intends to integrate Santier, Inc. with its current executive leadership team: Kevin Cotner, current CEO of TMS, will continue as CEO of Santier Inc., and Mansoor Mosallaie, current Vice-President of TMS, will continue as the General Manager of Santier Inc.
Santier is a world-class manufacturer of engineered thermal management materials, as well as hermetic and non-hermetic assemblies. They also provide plating services and metal machining capabilities in the San Diego facility. Santier has achieved in 2016 a total turnover of $10 million. This operation will have an immediate positive effect on Egide's operating margin and net income.
This acquisition was funded by an over-subscribed capital increase of over eight million euros on the Paris Stock Exchange (Euronext Paris).
Santier's technology, its customer base and its organization should result in meaningful synergies with Egide, as well as an immediate profit improvement.
This acquisition will also enable Egide to considerably change its scope, achieving heightened market presence within the thermal imaging and the Defense markets worldwide, and with U.S. predominance.
Santier will also expand and enrich the Egide group's offering on all its markets, in line with the market diversification strategy carried on by Egide over the past few years.
Egide maintains its outlooks, including an increase company turnover to about 35 M€ for 2017.
"We are very pleased to announce the acquisition of Santier by the EGIDE group," said James F. Collins, Chairman and CEO of EGIDE SA. "The addition of Santier will bring synergies within our operations, as well as our commercial activities. Santier is a customer oriented business, and adds to the current product offerings by EGIDE. We expect our customers to be pleased with our new capabilities."