Brooks Automation announces agreement to acquire Crossing Automation

Brooks Automation has agreed to acquire automation products company Crossing Automation for a cash purchase price of USD 63 million. Further details related to the acquisition and the integration goals will be provided on the regularly scheduled earnings call today, 8 November 2012.

Brooks Automation, Inc. has announced that it has entered into a definitive agreement to acquire Crossing Automation Inc. Crossing, based in Fremont, California, provides automation products primarily to global Semiconductor Front End markets. The cash purchase price is USD 63 million, subject to adjustment for actual working capital at closing. The company expects to complete the acquisition by the end of this month upon satisfaction of customary closing conditions.
For the trailing 12 months ended 30 September 2012, Crossing had revenues of approximately USD 51 million, which generated operating profits of approximately USD 3 million with gross margins of approximately 41%.
Steve Schwartz, President & CEO of Brooks, stated, “Crossing has a product and customer franchise that is complementary to Brooks and the acquisition will meaningfully expand Brooks’ capabilities in atmospheric automation. A significant proportion of Crossing’s revenues are generated from product and service sales to end users resulting in additional diversification of our served customer base. Crossing’s leading linear atmospheric solutions combined with Brooks’ existing systems will allow us to develop best of breed systems that address our customers’ cost and productivity requirements. This transaction furthers our strategy of gaining share in semi-conductor markets as we at the same time expand our presence in adjacent markets and Life Science Systems markets.”
“We are excited to welcome some significant talent into Brooks as a result of this transaction and seek to maximize the technical capabilities of the combined companies while generating significant cost synergies through the integration process. With those synergies, we project meaningful accretion in fiscal 2013 and beyond,” continued Dr. Schwartz.
The company indicated that further details related to the acquisition and the integration goals will be provided on the regularly scheduled earnings call today, 8 November 2012.
Brooks is a leading worldwide provider of automation, vacuum and instrumentation solutions for multiple markets including semiconductor manufacturing, life sciences, and clean energy. Brooks is headquartered in Chelmsford, MA, with direct operations in North America, Europe and Asia.