FormFactor acquires FRT for EUR19.7M in cash, sees accretion
FormFactor announced the acquisition of FRT, based in Germany. FRT is a metrology suppliers in the semiconductor industry, with revenues at more than 75% compounded annual growth rate since its inception in 2016 to 2018. This acquisition helps FormFactor's test and measurement by expanding its addressable market into 3D surface metrology and extending the optical applications scope of its existing engineering systems business. The acquisition expands FormFactor's addressable market by $150M, accelerates the company's growth in advanced packaging/MEMS applications and complements consumable wafer test probe products. In accordance with the terms of the transaction, FormFactor paid EUR19.7M in cash for the acquisition. Up to EUR10.3M of additional cash consideration may be payable subject to the performance of the acquired business in 2020. This acquisition is expected to be immediately accretive to earnings on a non-GAAP basis.