MODESTO, Calif.—Boyd Corp. has entered into an agreement to purchase the Asian and European die-cut business of Brady Corp.
Boyd said the acquisition significantly increases the size of its business globally, and that Brady naturally complements Boyd's current product portfolio.
Brady said its die-cut business posted sales of approximately $192 million for the 2013 fiscal year. It manufactures and sells precision converted products such as gaskets, meshes, heat-dissipation materials, antennae, dampers, filters and similar products sold primarily to the electronics industry.
Boyd said it will add eight total facilities, three in China—Shenzhen, Langfang and Wuzi. It also will add the Syke, Germany; Gumi, Korea; Nodinge, Sweden; Chon Buri, Thailand; and Taipei, Taiwan facilities, according to the company.
"This transaction is a great opportunity to join together two businesses with complementary strengths that, combined, will build a level of integrated global capabilities that will benefit our customers, suppliers and employees," said Mitch Aiello, president and CEO of Boyd. The company said the combined businesses will help to provide original equipment manufacturers and electronics manufacturing services with better access to material and design services globally.
The sale is expected to close in two steps subject to customary closing conditions. Brady said the first closing involves the sale of the operations in Germany, Thailand, Korea and Malaysia and is expected to occur within 90 days.