(December 8, 2008) POWAY, CA Delta Design, a subsidiary of Cohu Inc., has agreed to purchase Rasco GmbH from Dover Corp. for $80M in cash to be funded out of Cohu’s existing cash reserves. Delta supplies IC test handlers and thermal technologies to the semiconductor industry. Rasco, located near Munich, Germany, designs, manufactures and sells gravity-feed and strip semiconductor test handlers used in final test operations by semiconductor manufacturers and test subcontractors. According to James A. Donahue, president and CEO, Cohu, the acquisition extends Cohu’s position in the IC test handler industry and contributes to industry consolidation.
“The Rasco team has earned a reputation for innovative engineering, high quality manufacturing, outstanding customer support and strong financial performance,” noted Donahue. “This transaction significantly expands Cohu’s served market in an industry that we understand very well.” He added that because there is no product overlap and synergies in manufacturing, sales, and service the acquisition will help drive the company’s growth.
“While current semiconductor equipment industry and macroeconomic conditions are difficult, Cohu remains financially strong with approximately $80M cash and no debt after the transaction. The acquisition of Rasco, the margin enhancement initiatives that we have underway, the recent introduction of our new Matrix high-speed test handler, and the planned introduction in 2009 of our next-generation thermal handler for microprocessors, graphics processors and other high performance logic devices, position Cohu for excellent growth in revenue and profits when business conditions improve,” concluded Donahue.