Why Nordson (NDSN) Is Buying CyberOptics (CYBE) For $380 Million In Cash

By Amit Chowdhry ● Aug 8, 2022
  • Nordson Corporation (NDSN) announced it has signed a definitive agreement for the acquisition of CyberOptics (CYBE) for $380 million. These are the details.

Nordson Corporation (NDSN) has signed a definitive agreement for the acquisition of CyberOptics Corporation (CYBE), a leading global developer and manufacturer of high-precision 3D optical sensing technology solutions. The acquisition enhances Nordson’s test and inspection platform, providing differentiated technology that expands Nordson’s product offering in the semiconductor and electronics industries.

The all-cash transaction is valued at $54 per share, or approximately $380 million net of cash acquired, reflecting a valuation of 18.5 times CyberOptics trailing twelve months EBITDA, and 14.5 times net of cost synergies. This transaction is expected to close in Nordson’s first quarter of fiscal 2023, pending applicable regulatory and shareholder approvals.

Based in Minneapolis, Minnesota, CyberOptics generates approximately $100 million in annual revenue. And CyberOptics’ sensors are used for inspection and metrology in the semiconductor and surface mount technology (SMT) markets to improve yields and productivity. The company’s inspection systems come with the assurance of high quality, accuracy and speed. Its innovative and proprietary 3D Multi-Reflection Suppression (MRS) optical sensor technology and WaferSense® wireless measurement sensors for tool setup and diagnostics will expand Nordson’s growth opportunities into new areas of the semiconductor wafer fabrication and packaging process.

KEY QUOTES:

“We are looking forward to welcoming CyberOptics’ nearly 200 employees to Nordson. The company’s leading-edge 3D optical sensing technology and market leading wireless measurement sensors will expand Nordson’s current test and inspection capabilities, allowing us to offer new differentiated solutions to our semiconductor and electronics customers. Applying the NBS Next growth framework, we will invest in CyberOptics’ greatest opportunities for profitable growth while also providing the advantages of our global business infrastructure and customer-centric model.”

— Sundaram Nagarajan, president and chief executive officer

“Our global Test & Inspection division within the Advanced Technology Solutions segment predominantly serves the electronics market in diversified end customer applications and has been delivering consistent profitable growth. The differentiated technologies of CyberOptics combined with Nordson’s global sales, applications and service infrastructure will enable accelerated growth rates and the realization of $6 million in net cost synergies.”

— Joseph Kelley, executive vice president and chief financial officer