Ferro Corporation has acquired electronic packaging materials group, Electro-Science Laboratories for $75 million.
Ferro said the acquisition of the King of Prussia, Pennsylvania, USA group would enhance its position in the electronic packaging materials space, and offers growth in Ferro’s Performance Colors and Glass business unit.
ESL produces thick-film pastes and ceramic tape systems that enable functionality in a variety of industrial and consumer applications. Its products are used to build hybrid integrated circuits, modules and sensors that function in harsh conditions.
ESL paste systems for heaters are used on substrates, including metal, ceramic and glass.
Hybrid integrated circuits using ESL products are used in aerospace and defense applications, such as satellites. The modules and sensors are used in automobile components, including oxygen sensors.
ESL products in heat sensors are used in appliances such as ovens and water heaters.
ESL was founded in 1962 and has remained privately owned and associated with the founding family. The business has operations in the USA and UK and has 86 employees.
Peter Thomas, Chairman, President and CEO of Ferro Corporation, said, “Ferro is backward integrated into glass production, which will provide raw material synergy opportunities. ESL is aligned with our asset-light and heavy-touch operating philosophy and our commitment to adding value for our niche market customers across the globe.
He added: “The ESL transaction – the fifth acquisition by Ferro in 2016 – is the first significant acquisition in our Performance Color and Glass segment, and we are actively reviewing other opportunities in this space.”