Kimball completes sale of Automation, Test & Measurement business
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Jasper-based Kimball Electronics Inc. has completed the divestiture of its Automation, Test & Measurement (AT&M) business, the company announced Thursday.
The company closed on the sale of Global Equipment Services Inc. (GES) to Averna Technologies Inc., a test and quality engineering systems company headquartered in Montreal, Quebec, on Wednesday.
Kimball announced plans to sell the business in May, but few details on the divestiture were made available, including a potential buyer. Financial terms of the sale were not disclosed.
“While we have made significant strides enhancing our capabilities in AT&M since the acquisition of GES, we determined that it is not a good strategic fit for Kimball and that focusing on core EMS operations aligns best with strategic priorities and longer-term growth opportunities for the company,” Kimball CEO Richard Phillips said in a news release. “AT&M will be well-positioned under new ownership with expertise in testing and measurement, broad industry knowledge, and established client relationships.”
The AT&M business provides advanced testing and inspection solutions for manufacturers in the industrial, medical, consumer electronics, and semiconductor sectors, Kimball said.
When plans for the sale were first announced, the company said the business segment played a major factor in its net loss of $6.1 million for the fiscal third quarter.
It was not immediately clear if any jobs would be affected by the sale. A spokesperson for Kimball did not return multiple requests for more information from Inside INdiana Business.
Averna employs 1,200 people at its offices in 11 countries. The company said in its own news release that the deal adds 160,000 square feet of manufacturing space to its portfolio.
“With this acquisition, Averna now has a solid footprint in the Americas, Europe and Asia where the majority of our customers’ research & development and manufacturing activities are taking place,” Averna CEO François Rainville said.
Averna noted that Chris Thyen, former vice president of new platforms at GES, will continue as vice president of Averna APAC.