Date: Nov 17, 2011 Source: bizjournals (
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Hopkinton's Valpey-Fisher Corp. has agreed to be purchased by Indiana company CTS Corp. in an all-cash deal worth approximately $18 million, according to a release.
CTS will pay $4.15 per share in cash for all shares of Valpey-Fisher (Nasdaq: VPF), which will become an indirect wholly-owned subsidiary of CTS once the sale closes. That close is expected to happen in January of 2012, assuming it meets Valpey-Fisher shareholder approval. The boards of both companies have already given their blessings to the sale, the release states.
Valpey-Fisher makes precision crystal oscillators for timing functions in devices or components used in the telecommunications, computer, defense and aerospace, instrumentation and industrial markets. According to CTS chairman and CEO Vinod M. Khilnani that expertise will fit well with CTS' Electronic Components business unit. In addition, Valpey-Fisher operates an ultrasound division.
Valpey-Fisher, founded in 1931, has 60 employees, according to Michael J. Kroll, vice president, treasurer and CFO of the company. While most of those are in Hopkinton, the company does have "a small engineering facility" in New Hampshire, he said. Kroll said that he didn't see any layoffs coming from the acquisition, and that the company would likely be adding employees in the future as it takes advantage of CTS' larger sales and distribution footprint.
