Kimball Electronics Inc. has announced the successful divestiture of its Automation, Test, and Measurement (AT&M) business, a move aimed at sharpening the company’s strategic focus and optimizing its core operations. The sale to Averna Technologies Inc. was completed on July 31, with proceeds intended for the support of organic growth, debt reduction, and share repurchases.
Kimball Electronics initially entered the automation, test, and measurement sector through the acquisition of Global Equipment Services Inc. in 2018. However, in May 2024, the company revealed its plans to sell the AT&M unit. This division has been instrumental in providing advanced testing and inspection solutions to manufacturers across the industrial, medical, consumer electronics, and semiconductor sectors.
“While we have made significant strides enhancing our capabilities in AT&M since the acquisition of GES, we determined that it is not a good strategic fit for Kimball and that focusing on core EMS operations aligns best with strategic priorities and longer-term growth opportunities for the company,” said Richard Phillips, CEO of Kimball Electronics. “AT&M will be well-positioned under new ownership with expertise in testing and measurement, broad industry knowledge, and established client relationships. We thank the team for their contributions and wish them success moving forward.”
Averna Technologies Inc., the buyer, is enthusiastic about the integration of the GES team and their facilities in Silicon Valley and Asia. “The addition of the GES team, and its footprint in Silicon Valley and Asia, is a perfect fit for Averna,” explained Francois Rainville, CEO of Averna. “This will further strengthen our position as one of the worldwide leaders focused on automation, test, and measurement. Now with 1,200 professionals spanning across the Americas, Europe, and Asia, we can better partner with our global customers in all aspects of their product test requirements, wherever they are. We welcome our new teammates and are looking forward to this new chapter in Averna’s story.”
B. Riley Securities acted as the exclusive financial advisor on the transaction.
About Kimball Electronics
Kimball Electronics is a global, multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world. Headquartered in Jasper, Indiana, the company operates in the United States, China, Mexico, Poland, Romania, and Thailand.
This story was originally reported by the Southern Indiana Business Report.
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