Brooks Automation, Inc. today announced that it has entered into a definitive agreement to sell its Granville-Phillips instrumentation business, based in Longmont, CO, to MKS Instruments, Inc., headquartered in Andover, MA, for $87 million in cash.
Granville-Phillips was founded in 1954, acquired by Helix Technology in 1998 and became part of Brooks through its merger with Helix in 2005. Granville-Phillips generated approximately $28 million in revenue in fiscal year 2013.
Dr. Steve Schwartz, CEO of Brooks, stated, "For many years, Granville-Phillips has been a stable, profitable business in a niche segment of the vacuum instrumentation market, but owning this business is not consistent with our strategy to expand our leadership positions in our core Semiconductor and Life Sciences market segments. We plan to invest the proceeds from this sale into growth opportunities that are consistent with our strategic initiatives."
"MKS is a world class global supplier of instruments, subsystem and process control solutions and we are confident that MKS will be a good home for the Granville-Phillips business and its employees while ensuring the highest levels of continuing service to our mutual customers."
Needham & Company served as financial advisor to Brooks on the transaction.
Assuming satisfaction of regulatory approvals and customary closing conditions, the Company anticipates completing this transaction within the quarter ending June 30, 2014.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation, cryogenic and vacuum solutions for multiple markets including semiconductor manufacturing, life sciences, and clean energy. Our technologies, engineering competencies and global service capabilities provide customers speed to market, and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, we have been a leading partner to the global semiconductor manufacturing market and through product development initiatives and strategic business acquisitions; we have expanded our reach to meet the needs of customers in the life sciences industry, analytical & research markets and clean energy solutions. Brooks is headquartered in Chelmsford, MA, with direct operations in North America, Europe and Asia.
Source: http://www.brooks.com