Celestica completes acquisition of rugged-electronics maker Atrenne Integrated SolutionsNews
April 20, 2018
TORONTO. Electronics manufacturing company Celestica Inc. has completed its previously announced acquisition of Atrenne Integrated Solutions, a U.S.-based designer and manufacturer of ruggedized electromechanical solutions that primarily serves the military and commercial aerospace markets.
Headquartered in New Hope, Minnesota, Atrenne also operates two U.S. ITAR-certified sites (one at the Minnesota headquarters and another in Brockton, Massachusetts) and a site in Xiamen, China.
In its original acquisition announcement, it was reported that Celestica would acquire Atrenne on a cash-free and debt-free basis for $139 million in cash (subject to specific adjustments as set forth in the definitive agreement) using a combination of cash on hand and its revolving credit facility. Celestica has been backed by Canadian private equity firm Onex Corp since 1996.
At the time of the initial announcement in January 2018, Rob Mionis, president and chief executive officer of Celestica, stated: “This acquisition will advance our strategic direction to expand our capabilities, improve our diversification, and bolster our leadership position within aerospace and defense.”