Stock Report

ASM Technologies acquires Semcon Engineering UK Limited



Posted On : 2023-11-02 09:44:46( TIMEZONE : IST )

ASM Technologies acquires Semcon Engineering UK Limited

ASM Technologies Ltd has over three decades built expertise in the semiconductor, hi-tech, automotive industries while Semcon works with a large number of clients within several industries, including the automotive/mobility industry, energy and life science sectors. In the UK, Semcon operates within both its business areas Engineering & Digital Services and Product Information. With the acquisition of Semcon's operations within Engineering & Digital Services in the UK, ASM Technologies will benefit from access to global customers in UK and Europe. In particular, ASM will build both scale and competence, relevant to the transportation industry as it transitions to new propulsion systems and ever-increasing levels of driver assistance and autonomy.

Talking about the announcements, Rabindra Srikantan, Managing Director, ASM Technologies Limited, said, "We are excited about the acquisition as it presents tremendous opportunities to strengthen our presence in UK and Europe. This strategic investment is part of our growth strategy to expand our foot print with global customers."

"Our engineering activities in the UK within the business area Engineering & Digital Services need to be scaled up in order to ensure delivery capacity and long-term profitability. We have reviewed different options and concluded that our best option is to divest the UK engineering operations to one of our partners, ASM Technologies, which already has a presence in the UK. This transaction will be to the benefit of our customers and employees within this segment in the UK while allowing us to focus on other prioritized growth areas," says Markus Granlund, President and CEO of Semcon.

Shares of ASM TECHNOLOGIES LTD. was last trading in BSE at Rs. 447.15 as compared to the previous close of Rs. 451.65. The total number of shares traded during the day was 1554 in over 110 trades.

The stock hit an intraday high of Rs. 462.00 and intraday low of 446.20. The net turnover during the day was Rs. 699694.00.

Source : Equity Bulls

Keywords

ASMTECHNOLOGIES INE867C01010 Acquisition SemconEngineeringUK