Brooks Automation agrees to buy Crossing Automation
Brooks Automation Inc., a Chelmsford-based provider of automation, vacuum, and instrumentation services for such industries as semiconductor manufacturing, life sciences, and clean energy, said Monday it has agreed to buy Crossing Automation Inc., a California company that provides automation products to the semiconductor industry.
The cash purchase price is $63 million, subject to adjustment for actual working capital at closing, Brooks Automation said in a press release. Brooks added that it expects to complete the acquisition by the end of this month.
For the 12 month period that ended Sept. 30, Crossing had an operating profit of about $3 million on revenues of $51 million.
In a statement, Brooks president and chief executive Steve Schwartz said, “Crossing has a product and customer franchise that is complementary to Brooks... This transaction furthers our strategy of gaining share in semi-conductor markets as we at the same time expand our presence in adjacent markets and life science systems markets.”Chris Reidy can be reached at email@example.com.