LumaSense Technologies, Inc.

Advanced Energy Announces Acquisition of LumaSense

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Source: LumaSense Technologies, Inc.

"Acquisition of Innovative Temperature and Gas Sensing Device Provider Closed September 1st"

FORT COLLINS, Colo., Sept. 04, 2018 -- Advanced Energy Industries, Inc. (Nasdaq: AEIS), a global leader in innovative power and control technologies, today announced that the acquisition of LumaSense Technologies Holdings, Inc., based in Santa Clara, California, closed September 1st. The acquisition adds a line of photonic-based measurement and monitoring solutions that are synergistic with the company’s leading precision power control technologies in both semiconductor and industrial markets.

'The acquisition of LumaSense will enhance our customers’ ability to better control critical parameters of thermal and material processes, leading to significant improvements in process performance, efficiency and waste reduction,” said Yuval Wasserman, President and CEO of Advanced Energy. “This addition will broaden our exposure to industrial applications for material processing and power management.”

The acquisition of LumaSense:

  • Expands Advanced Energy’s (AE) current electrostatic chuck solutions, including high voltage power supply and electrostatic metrology, with LumaSense’s Fluoroptic® temperature measurement technology
  • Complements AE’s leading pyrometry solutions (e.g. Sekidenko™) with additional fiber optic thermometry for an extended range of semiconductor applications in etch and deposition
  • Provides AE with a robust set of solutions for industrial pyrometry and gas sensing technologies
  • Adds new integrated industrial temperature control and metrology applications in both thin films coating and thermal processing

“The close of the acquisition marks an exciting and transformative time for LumaSense as we officially join the Advanced Energy family,” said Steve Abely, former CEO of LumaSense. “We look forward to providing customers with an even more robust product portfolio that further establishes Advanced Energy’s position as the global leader in innovative power control technology.”

Under the terms of the merger agreement, the aggregate consideration was approximately $85 million in cash without giving effect to amounts deposited in escrow, the working capital adjustment, related transaction fees & expenses and the repayment of outstanding indebtedness of LumaSense. Revenues for LumaSense in 2017 were approximately $60 million. The acquisition is expected to be immediately accretive to earnings on a non-GAAP basis and generate over $10 million of annualized revenue and cost synergies by 2020. In addition, for AE’s photonic-based product portfolio, combining LumaSense and the Sekidenko product line, the company targets to deliver greater than $100 million in annualized revenue and to reach non-GAAP operating margins in the low to mid 20’s within the next three years.

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