Reptron buyer Kimball expands with buyingGenesisElectronics
Kimball ElectronicsGroup has boughtGenesisElectronics Manufacturingand plans to consolidate theGenesisoperations and workforce in aKimball facility in Tampa.
The purchase price was not disclosed in a releaseannouncingtheacquisition.
The acquisition supports Kimball's growthanddiversificationstrategy, the release said. Combiningmanufacturingresources willbetter support growing demand forspecialty medical,high-endindustrial and public safety products,Don Charron,president, saidin the release.
Kimball is a contract electronic manufacturingservicescompanyspecializing in the automotive, medical andpublicsafetyindustries. It is a subsidiary of Kimball International Inc.(NASDAQ:KBALB)and based in Jasper, Ind. The company bought Reptron Electronics Inc.in Tampa in a$49.5 million deal last year.
Genesis, which was privately held, had about $16 millioninsaleslast year, the release said. In 2001,Genesiswasbroughtoutofbankruptcy by Michael Galinski, chiefexecutiveandfounder of St. Petersburg-based America II Corp.
Kimball acquired the assets and certain liabilities ofGenesisandwill transition the operations and workforce out oftheGenesisfacility over the next six months, the release said.
Posted by Business Journal
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