Cohu Divests PCB Test Business
Poway-based semiconductor equipment manufacturer and services provider Cohu announced this week that it has divested its printed circuit board (PCB) test business. According to Cohu, it sold its Printed Circuit Board Test Group (PTG) business to Mycronic AB, a Swedish company involved in development, manufacture and marketing of production equipment, including atg Luther & Maelzer GmbH and other affiliated entities and assets. The deal is worth $125M in cash. According to Cohu, it will use the expected net cash proceeds of approximately $95 to $100 million, after estimated transaction costs and taxes, to repay outstanding principal on its term loan facility. Cohu said its PTG business had $52.9M in sales for the last twelve months.