Precision Surfacing Solutions (PSS) closes acquisition of Wafering Division of Meyer Burger Technology Ltd.
FOR IMMEDIATE RELEASE:
Chief Financial Officer
Precision Surfacing Solutions (Formerly Lapmaster Wolters Group)
501 W Algonquin Road
Mount Prospect, IL 60056
Mount Prospect, IL – April 30, 2019 – Precision Surfacing Solutions Group announced today that the acquisition of the wafering equipment and service business for photovoltaic and specialized substrate material of Meyer Burger has been closed. The acquisition was announced on February 7, 2019.
Brian Nelson, Chief Executive Officer of PSS: “The acquisition of Meyer Burger’s wafering technology portfolio will further enable us to strengthen and grow our activities in our key markets, particularly in the semiconductor and consumer electronic segments. Our cutting edge Peter Wolters AC microLine technology (produced in Rendsburg, Germany) is already utilized by leading substrate wafer manufacturers and we feel that the addition of the MB wafering line will enable significant cross selling opportunities with our existing customer base and also provide the opportunity to offer unrivaled global service and technical support.
PSS will use the know-how of Meyer Burger’s local workforce and to continue product development as well as manufacturing activities in non-PV wafering applications in Thun (Switzerland), where it has entered into a long-term rental agreement with Meyer Burger. Activities for production of photovoltaic wafering systems will remain in China. PSS will further maintain global service support for all current and future wafering customers worldwide. PSS took over around 70 employees at the Thun location and an additional 26 globally. PSS Group Chief Technical Officer, Brett Rosenthal, further commented: “The acquisition of Meyer Burger provides PSS Group with a number of talented engineering and technical employees. I look forward to them joining my global engineering team and leveraging their expertise within the Group.”
Kelly Cavitt, Group Chief Financial Officer of PSS: added “We are excited to have reached final terms with Meyer Burger and feel that this acquisition is a win for both organizations. The addition of the wafering equipment business provides PSS with yet another well respected precision technology and further strengthens the long term financial outlook for the Group.”
Precision Surfacing Solutions has solved the most challenging precision surfacing problems. With hundreds of years of experience within each of our brands, PSS has a proven history of successfully developing cost effective processing solutions for virtually any application.
About Precision Surfacing Solutions (PSS)
PSS is a global industry leader in the development of technology to produce micron accuracy surface finishes. Under the well recognized Lapmaster, Peter Wolters, ELB, aba, MICRON, REFORM, and KEHREN brands, PSS has a proven history of successfully developing cost effective processing solutions for the lapping, polishing, fine grinding, brush deburring, creep feed grinding, bore honing, double disc grinding, buffing through an expanding network of sales and services offices located throughout the world. The Company’s 9,000+ active global customers utilize precision abrasive finishing technology for various end-user precision finishing applications. PSS is headquartered in Mt. Prospect, IL. After the acquisition, PSS is employing over 1040 people across many manufacturing facilities on three continents.