MAYFIELD HEIGHTS, Ohio, Oct 23, 2009 (BUSINESS WIRE) -- Brush Engineered Materials Inc. (NYSE:BW) announced today that the
Company, through its wholly-owned subsidiary, Williams Advanced
Materials Inc. (WAM), has acquired privately held Barr Associates, Inc.
The transaction, valued at approximately $55 million, was financed with
internally generated cash and proceeds of approximately $25 million from
the Company's $240 million revolving line of credit. The acquisition is
expected to be accretive to earnings in 2010.
Based in Westford, Massachusetts, Barr Associates, Inc. has
approximately 300 employees in three leased facilities in the Westford
area.
Barr Associates is a leading manufacturer of precision thin film optical
filters that enable complex technologies and components throughout the
defense, aerospace, medical, energy, semiconductor, telecommunications,
lighting and astronomy markets. Applications enabled by Barr Associates'
technologies include high energy lasers, thermal imaging, night vision,
environmental sensing, blood analysis, DNA sequencing, surveillance,
targeting, and gas and fire detection.
Commenting on the acquisition, Dick Hipple, Brush Engineered Materials'
Chairman, President and CEO, said, "We are excited to team Barr
Associates with WAM. Bringing these highly complementary businesses
together enhances our position and technology base in the high-growth,
technically demanding thin film coatings and optical filters market
segments. The addition of this business will provide a new source of
revenue and margin contribution to our Company and synergies throughout
the WAM organization. This acquisition continues the transformation of
Brush Engineered Materials by further broadening our advanced materials
technologies and product portfolio, and strengthens our foundation for
future growth."
In recent years, the Company has made a number of strategic acquisitions
to augment its thin film and coatings capabilities, including the
purchase of Thin Film Technology, Inc. of Buellton, California, a
producer of precision optical coatings, thin film hybrid circuits, and
highly engineered thin film coatings and services, and Techni-Met, LLC
of Windsor, Connecticut, a manufacturer of large area precision thin
films supplying a wide range of high-end applications in established and
emerging markets.
Williams Advanced Materials Inc. manufactures precious, non-precious and
specialty metal products at its facilities in North America, Europe and
Asia, and provides value added services on a global basis. Major markets
for WAM's products include magnetic data storage, wireless, defense,
semiconductor, photonics, medical, photovoltaic, aerospace and key
applications of the microelectronics markets.
Brush Engineered Materials Inc. is headquartered in Mayfield Heights,
Ohio. The Company, through its wholly-owned subsidiaries, supplies
highly engineered advanced enabling materials to global markets.
Products include precious and non-precious specialty metals, inorganic
chemicals and powders, specialty coatings, specialty engineered
beryllium alloys, beryllium and beryllium composites, and engineered
clad and plated metal systems.
FORWARD-LOOKING STATEMENTS
Portions of the narrative set forth in this document that are not
statements of historical or current facts are forward-looking
statements. The Company's future performance may materially differ from
that contemplated by the forward-looking statements as a result of a
variety of factors, including risks and uncertainties specific to the
acquisition of Barr Associates, including, among other things: the
ability to successfully integrate Barr Associates into the operations of
WAM; unexpected costs or liabilities that may arise from the acquisition
of Barr Associates; the ability to retain key personnel; and the impact
of the results of operations of Barr Associates on the Company's ability
to achieve fully the strategic and financial objectives related to the
transaction, including the acquisition being accretive to earnings.
Additional factors that may affect future results are contained in the
Company's filings with the SEC, which are available at the SEC's website
at www.sec.gov,
including, without limitation, the risk factors set forth in Part I,
Item 1A of the Company's Form 10-K for the year ended December 31, 2008.
All forward-looking statements included in this document are based upon
information available to the Company as of the date of this document and
speak only as of the date hereof. The Company disclaims any obligation
to update and revise statements contained in these materials based on
new information or otherwise.
Mayfield Hts-g
SOURCE: Brush Engineered Materials Inc.
Brush Engineered Materials Inc.
Investors:
Michael C. Hasychak, 216-383-6823
or
Media:
Patrick S. Carpenter, 216-383-6835
or
http://www.beminc.com
Copyright Business Wire 2009