American Technical Ceramics acquired by AVX for $231 million

By Lisa Kerner

Charlotte, N.C., Sept, 25 - AVX Corp. completed its acquisition of American Technical Ceramics Corp. The companies entered into a definitive merger agreement on June 15, a company news release stated.

American Technical Ceramics stockholders will receive $24.75 per share in the cash transaction valued at about $231 million.

"As we have stated previously, this is an important milestone in the history of American Technical Ceramics," company president, chief executive officer and founder Victor Insetta said in the release.

"AVX has a great understanding of and appreciation for our business and brings to bear the technological, marketing and financial resources that will enable ATC to move to the next level."

Thomas Weisel Partners LLC and Mintz Levin Cohn Ferris Glovsky and Popeo advised American Technical Ceramics. The Huntington Station, N.Y., company manufactures and markets electronic components, including ceramic multilayer capacitors and custom thin film circuits.

AVX manufactures passive electronic components and interconnect products. The company is located in Myrtle Beach, S.C.

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