Smiths Interconnect, a division of global technology business Smiths Group, today announces completion of its purchase of Interconnect Devices Inc. (IDI), a leading designer and manufacturer of probe technology for use in industrial and semiconducting testing, and high performance connector applications. This follows regulatory approvals of the $185 million acquisition, first announced on 22 March 2010.
The all-cash purchase of the Kansas City-based company from Milestone Partners is expected to be immediately earnings accretive. It was funded primarily from internal resources, reflecting strong cash generation in the first half of fiscal 2010 supported by the receipt of proceeds from surplus properties. IDI designs and produces highly engineered, application specific connectors using a proprietary spring probe contact technology. It focuses on mission critical applications for semiconductor and circuit-board testing, and high reliability connectors for military, medical, homeland security and industrial markets.