Vacuum company acquired
An
Edwards product story
Edited by the Engineeringtalk editorial team
Mar 13, 2007
CCMP Capital is set to acquire BOC Edwards, a leading manufacturer of vacuum equipment.
CCMP Capital, has reached agreement with the Linde Group, the global gases company, to acquire BOC Edwards, a leading manufacturer of vacuum equipment.
The deal is valued at GBP 460m, with an additional payment of GBP 45m if CCMP Capital is successful in developing the business and subsequently exiting its investment.
BOC Edwards is a leading global supplier of equipment and services to the world's most advanced industries, including semiconductor, flat panel display, chemical, metallurgical, analytical instrumentation and RandD.
It supplies major manufacturers in Asia, Europe and the Americas through a worldwide manufacturing and sales network.
The acquisition follows last year's acquisition of The BOC Group by Linde and Linde's announcement last September that it intended to focus on its global gases operations and would review stratagic options for the divestment of BOC Edwards.
CCMP Capital Advisors and CCMP Capital Asia are acquiring the main vacuum and semiconductor equipment business of BOC Edwards.
The pharmaceutical division will remain a subsidiary of The Linde Group.
Commenting on the announcement Nigel Hunton, Chief Executive of BOC Edwards, said: "We are delighted to welcome CCMP as our new partners".
"We feel they have a real understanding for our business and its potential and that their financial strength and scale will support the company as we develop our operations worldwide and capitalise on our strong market position".
"This is the start of a new independent era for BOC Edwards in which we can focus on delivering world class products and services to our customers".
Stephen Welton from CCMP Capital Advisors added: "We are very pleased to have reached agreement to acquire BOC Edwards".
"Our diligence has confirmed the leading position of BOC Edwards, its management and staff, its extensive product range and its strong customer relationships".
"We believe that under CCMP's ownership BOC Edwards can move to a new level as an independent company and develop its technology in new markets whilst retaining leadership in its core areas".
John Lewis from CCMP Capital Asia, commented: "BOC Edwards is an outstanding business with a rapidly growing Asian customer base, including leading semiconductor companies and equipment manufacturers in Greater China, Korea, Japan and Singapore".
"We will support management, using CCMP's presence and experience in these markets to help BOC Edwards get closer to their fast growing Asian customer base".
The companies expect to close the transaction between the beginning of May and the end of June subject to regulatory review and customary closing conditions.
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