Teradyne Goes on Buying Spree: Acquires GenRad for $260 Million in Common Stock Boston-Teradyne, with revenues last year exceeding $3 billion, has signed a letter of intent to acquire test equipment maker GenRad in Westford, Mass., for $260 million in Teradyne common stock. The purchase will provide Teradyne with a major entry into the circuit board/in-circuit test field. Until now, Teradyne has concentrated its resources mainly on parametric and functional test for memories, ASICs, RF and wireless devices. Last year, Teradyne celebrated record earnings as a result of its sale of such testers as the Catalyst for SOC devices. Under terms of the agreement, Teradyne, the ATE equipment leader, will assume GenRad's debt of some $85 million. This amount does not include the proceeds from the anticipated sale of GenRad's Diagnostic Solutions business unit, which is expected to occur before the Teradyne purchase. The GenRad acquisition will be known as the Teradyne Circuit Board Test and Inspection Division. Robert M. Dutkowsky, current GenRad chairman, president and CEO, will manage the new division. While Teradyne has nearly 9,000 employees, the smaller GenRad operates with 1,300 people. Teradyne also announced the acquisition of E-M Solutions, a manufacturer of electronic enclosures based in Fremont, Calif. With the agreement, E-M Solutions voluntarily petitioned for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Terms call for a purchase price of $85 million. Johnstech Announces Online Spares Catalog Minneapolis-Johnstech International has launched an online spare parts catalog and online spares ordering at its website. The catalog, notes Johnstech, enables customers to order spares without waiting for a quote. A "Recommended Spare Parts" matrix accompanies the release of the catalog. The matrix features product type, associated spares used and the recommended quantity to keep on hand. [johnstech.com]
ITRI Board Pulls Plug; Cites Lack of Funding Austin, Texas-The Interconnection Technology Research Institute (ITRI) has been dissolved, effective August 31. The Institute was founded in 1994 to conduct R&D in the North American interconnection industry. The ITRI board cited "the worsening financial climate the electronics industry has endured." The IPC will support existing ITRI project teams. [ipc.org] Asymtek Names van de Vijver to European Post Netherlands-Michel van de Vijver has joined Asymtek as European sales and marketing manager. Earlier, van de Vijver was a sales manager for VCST Industrial Products. He earned a degree in engineering from the TH Groep T in Leuven, Belgium. [asymtek.com] STATS Licenses Wafer Bumping Technology Singapore-ST Assembly Test Services Ltd. has signed a technology licensing agreement with the Flip Chip Division of Kulicke & Soffa Industries for Flex-on-Cap. The agreement permits STATS to manufacture FOCs and provides the Singapore-based packaging foundry with future technology development and site engineering support. [stts.com]
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