Sparton Corp. (SPA) Picks Up Hunter Technology for $55 Million Cash
Friday, April 17, 2015
Source: Device Space
Sparton Corporation (NYSE:SPA) announced that its wholly owned subsidiary, Sparton Hunter Corporation, completed a merger with Hunter Technology Corporation in a $55 million all-cash transaction. The merger is subject to certain and conditional post-closing adjustments.
Hunter Technology, with operations located in Milpitas, CA (San Jose) and Lawrenceville, GA (Atlanta), was founded in 1968 and was one of the first electronic contract manufacturing providers specializing in military and aerospace applications. Today, Hunter is one of the only suppliers in the Silicon Valley region providing engineering design, new product introduction (NPI) and full-rate production manufacturing solutions working with major defense and aerospace companies, test and measurement suppliers, secure networking solution providers, medical device manufacturers, and a wide variety of industrial customers.
“The addition of Hunter Technology meets the criteria of our growth strategy by providing further expansion regionally into Northern California, diversifying our customer base through both existing programs and a strong business development pipeline, increasing our engineering service capabilities and NPI offerings, and continuing to increase the number of complex sub-assembly and full device programs within Sparton. Additionally, they bring solid, long-term customer relationships that we believe will utilize Sparton’s expanded list of service offerings such as our low cost country footprint in Viet Nam and full complement of engineering design capabilities,” commented Cary Wood, President & CEO of Sparton Corporation.