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Credence sells Amerang operations to Advantest

Posted: 18 Jun 2008 ?? ?Print Version ?Bookmark and Share

Keywords:ATE solutions? acquisition agreement? wireless?

ATE solutions provider Credence Systems Corp. has entered into a definitive agreement to sell for $5 million its operations in Amerang, GermanyCredence Systems GmbHto Advantest Corp.

"In order to achieve our profitability goals, we evaluated all of our operations for opportunities to reduce our logistical footprint and further optimize operational efficiencies. As a standalone entity, we sought a buyer for our Amerang operations that would protect our customers' interests by continuing to support their automotive products. Advantest has made this commitment to us and we believe that we have achieved an excellent outcome for our automotive customers while avoiding extensive restructuring," said Lavi Lev, president and CEO of Credence.

"Credence will continue to participate in the automotive market with our current product lines as we actively address the broad and diverse consumer markets that also include wireless, entertainment and computing with products that deliver the best value to our customers," he added.

Under the agreement, the employees, manufacturing and key infrastructure will remain in Amerang but will be owned by Advantest, which will take control of the operations' assets, including inventories, spares, plant property and equipment, and associated liabilities. Advantest, through the purchase of Credence Systems GmbH, will also assume all of Credence Systems GmbH's contractual obligations with automotive customers including those connected with the Credence Falcon, Piranha and other legacy automotive product lines.

The transaction will close on or before Aug. 31.

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