MAYFIELD HEIGHTS, Ohio, Jan 05, 2010 (BUSINESS WIRE) -- Brush Engineered Materials Inc. (NYSE:BW) announced today that the
Company, through its wholly-owned subsidiary, Williams Advanced
Materials Inc. (WAM), has completed the earlier announced acquisition of
Academy Corporation.
The transaction, valued at approximately $23 million, is being financed
through internally generated cash and proceeds from the Company's $240
million revolving line of credit. The acquisition is expected to be
accretive to earnings in 2010.
Based in Albuquerque, New Mexico, Academy, which has approximately 150
employees, is being operated as a wholly-owned subsidiary.
Academy is a leading provider of precious and non-precious metals and
refining services to customers in a number of technically demanding
end-use markets including architectural glass, solar energy,
electronics, chemicals, medical, industrial and high-value jewelry. Its
extensive North American manufacturing capabilities include intermediate
form products such as gold and silver sputtering targets, large area
metallic sheet material, fine wire, and rod and powder.
Combining Academy's capabilities with WAM's integrated refining,
precious metal reclaiming and manufacturing facilities positions WAM as
an industry leader in the precious metals market, both in the US and
globally, with an unrivaled diversity of product platforms.
Commenting on the acquisition, Dick Hipple, Brush Engineered Materials'
Chairman, President and CEO, said, "We are excited to welcome Academy to
WAM and the Brush organization. Academy provides a depth in precious
metals capabilities that significantly enhances the WAM base and opens
up a number of new opportunities for future growth. Further, Academy
customers will benefit from the global range of WAM's manufacturing,
technological and distribution capabilities. Bringing these two
businesses together enhances our position in the marketplace and offers
a new level of competitive advantage to our customers."
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 Academy Corporation, including, among other things:
unexpected costs or liabilities that may arise from the acquisition of
Academy; the ability of Academy to retain key personnel; and the impact
of the results of operations of Academy on the Company's ability to
achieve fully the strategic and financial objectives related to the
transaction, including the acquisition being accretive to earnings.
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
Mayfield Hts-g
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