Nordson Eyes Expanded IC Test in CyberOptics Buyout

Nordson Corporation has moved to acquire CyberOptics Corporation, a manufacturer of high-precision 3D optical sensing technology solutions. Particularly, the acquisition aims to enhance Nordson’s test and inspection platform. In essence, providing differentiated technology that expands Nordson’s product offering in the semiconductor and electronics industries. 

Eyes Profitable Growth

The all-cash transaction valued at US$54.00 a share, or approximately US$380 million net of cash acquired. Moreover, this will reflect a valuation of 18.5 times CyberOptics trailing twelve months EBITDA, and 14.5 times net of cost synergies. Nordson expects to close the transaction in first quarter fiscal 2023, pending applicable regulatory and shareholder approvals.
“We are looking forward to welcoming CyberOptics’ nearly 200 employees to Nordson. The company’s leading-edge 3D optical sensing technology and market leading wireless measurement sensors will expand Nordson’s current test and inspection capabilities, allowing us to offer new differentiated solutions to our semiconductor and electronics customers,” said Nordson’s Sundaram Nagarajan, president and chief executive officer. 
In addition, Nagarajan said, “Applying the NBS Next growth framework, we will invest in CyberOptics’ greatest opportunities for profitable growth while also providing the advantages of our global business infrastructure and customer-centric model.”

Wide Range of Portfolio

Headquartered in Minneapolis, Minnesota, CyberOptics generates approximately US$100 million in annual revenue. CyberOptics’ sensors suit for inspection and metrology in the semiconductor and surface mount technology (SMT) markets to improve yields and productivity.

Furthermore, the company’s inspection systems come with the assurance of high quality, accuracy and speed. Its portfolio includes the innovative and proprietary 3D Multi-Reflection Suppression (MRS) optical sensor technology. In addition, the WaferSense wireless measurement sensors for tool setup and diagnostics. All of this will expand Nordson’s growth opportunities into new areas of the semi-conductor wafer fabrication and packaging process. 
“Our global Test & Inspection division within the Advanced Technology Solutions segment predominantly serves the electronics market in diversified end customer applications and has been delivering consistent profitable growth,” said Joseph Kelley, executive vice president and chief financial officer. 

Furthermore, Kelley added, “The differentiated technologies of CyberOptics combined with Nordson’s global sales, applications and service infrastructure will enable accelerated growth rates and the realization of US$6 million in net cost synergies.”