Update, January 18, 2012 – Marketwire — inTEST Corporation’s Temptronic Corporation has closed on the acquisition of Thermonics, Inc. on January 16, 2012, pursuant to the agreement entered into in December 2011. The purchase price for the assets was approximately $3.8 million cash, which included net working capital of approximately $1.1 million.
December 13, 2011 – Marketwire — Temperature management and semiconductor ATE company inTEST Corporation (NASDAQ:INTT) will acquire the assets and certain liabilities of Thermonics Inc. from Test Enerprises Inc. inTEST’s Temptronic Corporation, of the Thermal Solutions Group, will integrate the company.
The acquisition is expected to close in January 2012.
Thermonics develops precision temperature testing systems with emphasis on speed, accuracy, and reliability. The precision temperature forcing systems are used in semiconductor and other industries to verify product performance at a range of temperatures. Acquiring the company expands inTEST’s semiconductor and non-semiconductor customer base — addressing temperature-related problems in the test, manufacturing, conditioning and process control arenas, said James Pelrin, president of inTEST Thermal Solutions. Pelrin points out that the product ranges are complementary to those of Temptronic Corporation, which inTEST acquired in 2000.
Robert E. Matthiessen, inTEST Corporation’s president and CEO, noted that the thermal products expand inTEST’s served available market in non-semiconductor businesses such as Automotive, Aerospace, Industrial, and Telecommunications. "inTEST Corporation began 2011 with non-semiconductor related bookings of 18% for the first quarter; and the company has systematically expanded its product offerings, with our most recent third quarter non-semiconductor related bookings increasing to 41% of consolidated bookings…During the third quarter of 2011, nearly 60% of our Thermal Group’s bookings came from non-semi customers, driven by requirements from manufacturers of oscillators, industrial sensors, LEDs, equipment for the nuclear process industry, and military/aerospace applications."
inTEST Corporation is an independent designer, manufacturer and marketer of temperature management products and ATE interface solutions, which are used by semiconductor manufacturers to perform final testing of integrated circuits (ICs) and wafers. inTEST’s Thermal Solutions Group provides customized temperature test solutions. For more information, visit www.intest.com.