News
LAIRD INCREASES PRODUCT FOOTPRINT IN ELECTRONIC DEVICES
Longon, England - February 26, 2007
The Laird Group PLC ("Laird") announces today the acquisition of M2sys Co., Ltd, a privately held business, for a cash consideration of KRW 31.2 billion (£17.0million) on a debt free basis.
M2sys designs and manufactures custom products based on proprietary and patented technology, including pivots, slides and rotary action assemblies that enable mechanical actuation of leading-edge handheld devices while maintaining electrical integrity and performance. M2sys is based in Bucheon, South Korea where the business employs 80 engineers and senior management.
In the year ended 31 December 2006, M2sys reported revenues of KRW 12.6 billion (£6.9 million), an increase over the previous year of 164%, and operating profits of KRW 1.4 billion (£0.8 million).
Based on awarded customer programmes, 2007 revenues are expected to be more than treble the 2006 levels, requiring additional design, manufacturing and assembly expertise, production facilities and global logistic capabilities to satisfy demand. Laird Technologies will rapidly provide these resources and skills, in order to meet customer schedules and accelerate M2sys' growth.
m2sys will become part of Laird Technologies' substantial and growing handheld products business, with manufacturing expanded from its existing facility in South Korea into Laird Technologies' global high volume facilities. The addition of M2sys' proprietary technology to Laird Technologies' product portfolio will allow more complex integrated designs and convergence of functions and components in future OEM electronic applications.
Peter Hill, Chief Executive of Laird, commented:
"Laird Technologies is seen increasingly as the supplier of choice for performance critical functional components for the electronics market. The acquisition of M2sys is in line with our strategy of working closely with our OEM customers in their product development and allows us to increase further the content of our products within an electronic device. M2sys has exciting growth prospects that will be underpinned and accelerated through its integration into the established global infrastructure of Laird Technologies."
About Laird Technologies, Inc.
Laird Technologies designs and supplies customized, performance-critical products for wireless and other advanced electronics applications.
The company is a global market leader in the design and supply of electromagnetic interference (EMI) shielding, thermal management products, mechanical actuation systems, signal integrity components, and wireless antennae solutions, as well as radio frequency (RF) modules and systems.
Custom products are supplied to all sectors of the electronics industry including the handset, telecommunications, data transfer and information technology, automotive, aerospace, defense, consumer, medical, and industrial markets.
Laird Technologies, a unit of Laird PLC, employs over 14,000 employees in more than 40 facilities located in 14 countries.
For additional information or your nearest Laird Technologies
representative, contact:
Tel: (866) 928-8181 or (636) 898-6000
Fax: (636) 898-6100
Internet: www.lairdtech.com
e-mail: sales@lairdtech.com
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