11/03/2021
Acquisition lays groundwork for a breakthrough: Microchips placement as part of additively manufactured electronics solution
Sunrise, Florida, Nov. 03, 2021 (GLOBE NEWSWIRE) — Nano Dimension Ltd. (Nasdaq: NNDM), an industry leader in Additively Manufactured Electronics (AME) / 3D-Printed Electronics (PE), and Micro Additive Manufacturing (Micro-AM), announced today that it has signed and closed a definitive agreement to acquire Essemtec AG (“ESSEMTEC”, https://essemtec.com/en/) based in Lucerne Canton, Switzerland.
ESSEMTEC’s product portfolio is comprised of production equipment for placing and assembling electronic components on printed circuit boards (PCBs). They are a leader in adaptive highly flexible surface mount technology (SMT) pick-and-place equipment, sophisticated dispenser suitable for both high-speed and micro-dispensing, and intelligent production material storage and logistic system. Its products are equipped with a sophisticated software package which makes extensive and efficient material management possible.
ESSEMTEC’s equipment and software have been having impact with customers since their first machine was introduced. As their high-tech solution can be adjusted quickly and easily to meet wide ranging requirements, they are able to respond to all manner of customer needs, particularly in high-mix-low-volume production environment. Their portfolio of products will continue to be available to the thousands of organizations that have called themselves a customer of ESSEMTEC, while also being part of the AME revolution that Nano Dimension is driving with its existing technology.
ESSEMTEC financial highlights:
- 12 months ended 12/31/2020 revenue was $17.2 million; gross margin was 60%
- 8 months ended in 08/31/2021 revenue was $15.4 million; gross margin was 60%
- Backlog (signed purchase orders) as of 09/17/2021 was approximately $6.9 million
Transaction outline:
- Nano Dimension will pay ESSEMTEC shareholders a total sum, in cash, ranging between $15.1 million to $24.8 million
- $15.1 million will be paid upon closing
- An additional amount of up to $9.7 million will be paid over 14 months based on a pre-agreed performance-based formulas.
Franz-Xaver Strueby, Chief Executive Officer of ESSEMTEC, commented, “It is an exciting combination of two leading technology leaders serving the PCB and wider electronic industry segments. The combination of Nano Dimension’s strength in the Americas with ESSEMTEC’s strong presence in Europe will enhance both product lines. Additionally, I believe that the merger of the technologies will yield enormous influence and transformational momentum in the world of 3D printed electronics and assembly. The ESSEMTEC team, as well as me personally, are looking forward to continuing our journey as part of the combined teams of ESSEMTEC and Nano Dimension.”
Yoav Stern, Chairman and Chief Executive Officer of Nano Dimension, shared, “ESSEMTEC’s scientists and engineers and other team members, all of whom joined Nano Dimension upon closing of this transaction, are leading experts and industry veterans in machine building, software, mechanical automation, and robotics. They are going to continue to be led by their present management crew, supported by Ziki Peled, COO of Nano Dimension.”
Mr. Stern added, “ESSEMTEC’s present products fit Nano Dimension’s PCB and PCB assembly markets, as well as the Original Equipment Manufacturers (OEM) verticals which we serve. As such, we hope to leverage the distribution channels and go-to-market efforts of both organizations. In parallel, our mutual vision is to merge the technologies of our micro-electronic 3D-fabrication machines for Hi-PEDs® (Hi–Performance Electronic Devices) with ESSEMTEC’s fuller suite of in-fabrication-process-equipment-assembly capabilities.”
“No less important”, Mr. Stern said, “is our intention to use our newly acquired deep learning based artificial intelligence technologies from our DeepCube acquisition to become the “robotic brains” for ESSEMTEC systems. We expect this will improve yield and throughput and drive a more seamless integration with Nano Dimension’s AME systems. ESSEMTEC’s machines fit the larger picture of Nano Dimension’s vision, aiming to establish “INDUSTRY 4.0” solutions, which entail building an artificial intelligence “distributed digital manufacturing application” rather than just machines as capital equipment. The end goal is to reach a capability for maintaining an inventory of high-end PCB devices, micro-mechanical parts and Hi-PEDs® in digital form: print and assemble them as you need them, where you need them, only the quantity you need, in the best quality at competitive prices, as it is done in highest yield and throughput possible for that point in time, specifically in high mix/low volume scenarios.”
Sullivan & Worcester Tel Aviv and CMS Switzerland acted as legal counsel to Nano Dimension in connection with the acquisition.
INVESTORS CONFERENCE CALL:
November 8, 2021, at 9:00 AM ET
Nano Dimension will host an investor call to update on the above acquisition, on November 8, 2021, at 9:00 a.m. ET. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your call five minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.
U.S. Dial-in Number: 1-866-744-5399
Israel Dial-in Number : 972-3-9180692
At: 9:00 a.m. Eastern Time , 6:00 a.m. Pacific Time
Participants can register for the conference call by navigating to
https://Veidan.activetrail.biz/nanodimension-2021 .
A REPLAY will be available after the end of the conference call on the Nano Dimension website.
