Nashua-based GT Advanced acquires Thermal TechnologyBy KIMBERLY HOUGHTON
Union Leader Correspondent
May 19. 2013 3:49PM
NASHUA - GT Advanced Technologies Inc., supplier of manufacturing equipment for solar and energy-efficient lighting products based in Nashua, has acquired Thermal Technology LLC, a supplier of high-temperature furnaces.
"The acquisition of the Thermal Technology business adds a number of innovative and important products and technologies to our rapidly diversifying portfolio that will, we believe, allow us to accelerate our entrance into new markets," Tom Gutierrez, GT's president and CEO said in a statement.
The acquisition of Thermal Technology, headquartered in Santa Rosa, Calif., is for purchase consideration consisting of about 3.4 million shares of GTAT common stock and an unspecifed amount in the future, according to company officials.
Thermal Technology develops and sells high-temperature thermal and vacuum products used in the fabrication of advanced materials that are used in smartphones and touch screens, medical devices and other applications.
Matt Mede, president and CEO of Thermal Technology, said the latest development, announced Thursday, is an exciting moment for the company, its employees and customers.
"The acquisition will open new opportunities for growth for our products and technology as we integrate them into GT's business operations," Mede said in a statement. "Leveraging GT's leadership in engineering and product development and their strengths in low-cost global supply chain management will accelerate the time-to-market of our technology drive market adoption in several promising markets as we go forward."
GT anticipates revenue contributions from the Thermal Technology business in the remainder of the 2013 fiscal year will be about $9 million to $14 million, according to the release.
Meanwhile, the company announced earlier this month that GT Crystal Systems, a subsidiary of GT Advanced Technologies, has partnered with Motorola Solutions to be the exclusive supplier of sapphire screens for Motorola's new MP6000 multi-plane bioptic imager.
The latest news comes several months after GT Advanced Technologies laid off 25 percent of its workforce, or about 50 jobs in New Hampshire and about 120 jobs in other countries because of uncertain economic conditions in Asia as global demand for solar cells slows and prices fall.
Despite the prior layoffs last fall, Gutierrez said earlier that while current market conditions are unlikely to improve in the next year, his company remains confident about its long-term future.
"We expect to exit this downturn as a stronger, more diversified company with market-leading positions in several growth industries," he said at the time.