ANDOVER, Mass., May 30, 2014 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (Nasdaq:MKSI), a global provider of technologies that enable advanced processes and improve productivity, today announced it has completed its acquisition of the assets of Granville-Phillips, formerly a division of Brooks Automation, Inc. (Nasdaq:BRKS), for $87 million in cash.
Granville-Phillips is a leading global provider of vacuum measurement and control instruments to the semiconductor, thin film and general industrial markets, with sales of approximately $30 million in 2013. This acquisition further strengthens MKS' position in the vacuum gauge market. MKS is the market leader in direct pressure measurement and Granville-Phillips is a well-regarded leader in indirect vacuum gauges, with a premium brand and an excellent reputation for quality, reliability and performance.
The Granville-Phillips business will be operated as the Granville-Phillips division of MKS and will be integrated into MKS' Pressure Measurement business. The acquisition is not expected to have a material impact on second quarter revenue or non-GAAP earnings. Management expects the acquisition to be accretive to non-GAAP earnings in fiscal 2014, and also expects future cash flow benefits due to the availability of tax amortization on most of the purchase price.
Jerry Colella, CEO and President, said, "We are pleased to be able to offer our customers and existing Granville-Phillips customers an extended portfolio of quality products supported by our global sales and service infrastructure. We are also excited to welcome Granville-Phillips employees to MKS and look forward to their contribution to business synergies as we integrate Granville-Phillips into MKS."
About MKS Instruments
MKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes to improve process performance and productivity. Our products are derived from our core competencies in pressure measurement and control, materials delivery, gas composition analysis, control and information technology, power and reactive gas generation, and vacuum technology. Our primary served markets are manufacturers of capital equipment for semiconductor devices, and for other thin film applications including flat panel displays, solar cells, light emitting diodes, data storage media, and other advanced coatings. We also leverage our technology in other markets with advanced manufacturing applications including medical equipment, pharmaceutical manufacturing, energy generation, and environmental monitoring.
This release contains projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act regarding MKS' future growth and the future financial performance of MKS. These projections or statements are only predictions. Actual events or results may differ materially from those in the projections or other forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the projections or other forward-looking statements include the difficulty of integrating the operations, technology and personnel of the acquired business; failure to realize the anticipated revenues or operating synergies; failure to retain key customers or key employees; and the potential disruption of our ongoing business and distraction of management.
CONTACT: Seth H. Bagshaw Vice President, Chief Financial Officer & Treasurer Telephone: 978.645.5578
Source:MKS Instruments, Inc.