Cohu Completes Sale of its Printed Circuit Board Test Business

Rhea-AI Summary

Cohu, Inc. (NASDAQ: COHU) has successfully completed the sale of its Printed Circuit Board Test Group business to Mycronic AB for $125.4 million. This transaction aligns with a definitive agreement announced earlier. Cohu plans to use the net proceeds, after accounting for transaction costs and taxes, to repay approximately $100 million of its term loan facility, enhancing its financial stability. The press release also includes forward-looking statements cautioning that actual results may differ due to various risks and uncertainties.

Positive

• Received $125.4 million from the sale of Printed Circuit Board Test Group.
• Plans to repay approximately $100 million of outstanding term loan, reducing debt.

Negative

• Potential post-closing adjustments may affect final cash proceeds.
• Risks and uncertainties could impact expected financial outcomes.

Cohu, Inc. (NASDAQ: COHU), a global leader in back-end semiconductor equipment and services, today announced that it has completed the sale of its Printed Circuit Board Test Group business to Mycronic AB (MYCR.ST).

In accordance with the previously announced definitive agreement, Cohu received cash proceeds of $125.4 million, subject to further potential post-closing adjustments related to a final determination of closing accounts. Cohu intends to use the net proceeds, after estimated transaction costs and taxes, to repay approximately $100 million of the outstanding principal on its term loan facility.

Forward Looking Statements:

Certain statements contained in this release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding net cash proceeds and the intention to, and amount of, the paydown of our term loan facility. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: potential post-closing adjustments, counter-party performance, unforeseen delays, unknown regulatory matters, tax liabilities or other factors beyond our knowledge or control. These and other risks and uncertainties are discussed more fully in Cohu’s filings with the SEC, including the most recently filed Form 10-K and Form 10-Q, and the other filings made by Cohu with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. Except as required by applicable law, Cohu does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

About Cohu:

Cohu (NASDAQ: COHU) is a global leader in back-end semiconductor equipment and services, delivering leading-edge solutions for the manufacturing of semiconductors. Additional information can be found at www.cohu.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005613/en/

FAQ

What is the amount received from the sale of Cohu's Printed Circuit Board Test Group?

Cohu received $125.4 million from the sale.

What will Cohu do with the proceeds from the sale?

Cohu intends to use the net proceeds to repay about $100 million of its term loan facility.

Who bought Cohu's Printed Circuit Board Test Group?

Mycronic AB purchased Cohu's Printed Circuit Board Test Group.

What are the potential risks associated with Cohu's recent sale?

Potential post-closing adjustments and various uncertainties may impact financial outcomes.

What does Cohu specialize in?

Cohu is a global leader in back-end semiconductor equipment and services.