MKS acquiring Granville-Phillips in Longmont
Last Updated: 17:05 March 18, 2014
Brooks produces automation, vacuum and instrumentation products for semiconductor manufacturing, life sciences and clean energy.
Granville-Phillips produces instrumentation used by companies in the clean-energy sector. The company was purchased the Helix Technologies in 1998 and became part of Brooks through its merger with Helix in 2005. Granville-Phillips generated approximately $28 million in revenue in fiscal year 2013.
Granville-Phillips has about 65 employees in Longmont. A spokeswoman contacted Tuesday said the company would not comment on the acquisition until the deal is final.
The deal must be approved by regulators, but Brooks anticipates that the transaction will be complete in the quarter ending June 30, according to a press statement.
"For many years, Granville-Phillips has been a stable, profitable business in a niche segment of the vacuum instrumentation market, but owning this business is not consistent with our strategy to expand our leadership positions in our core semiconductor and life sciences market segments," said Steve Schwartz, chief executive of Brooks, in a statement.
"We plan to invest the proceeds from this sale into growth opportunities that are consistent with our strategic initiatives," Schwartz said.
Brooks Automation is headquartered in Chelmsford, Mass., and is publicly traded (Nasdaq: BRKS), while MKS is headquartered in Andover, Mass.
More breaking news...
Longmont fracking decision could affect other cities
The bank has been working
WhiteWave to announce earnings Aug. 7
Attorneys arguing against
Noodles releasing 2Q earnings report Aug. 13
The call will begin at 8 a.m. Mountain Time. Management will discuss
The call will begin at 2:30 p.m. Mountain Time.