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Transaction Expands Advantek’s Manufacturing Footprint to Support ASEAN Region
EDEN PRAIRIE, Minn. and PENANG, Malaysia, JANUARY 16, 2023 – Advantek, LLC (“Advantek”), a leading provider of highly engineered carrier tape and precision component packaging, today announced the acquisition of LKTT Plastic Technology Sdn. Bhd. (“LKTT”), a provider of complementary precision packaging based in Malaysia. Financial terms of the transaction were not disclosed.
Advantek is headquartered in Eden Prairie, Minnesota, and has manufacturing facilities around the world. For more than 40 years, Advantek’s highly engineered specialty packaging tape has enabled the world’s foremost providers of high-value semiconductor and other electronic components to safely transport and present products for assembly, including computers, mobile phones, LED lighting, medical components, smart appliances, automobiles, and other consumer products.
Advantek is committed to providing customers with a comprehensive suite of precision packaging materials across a global manufacturing footprint that provides clients with optimal efficiency and flexibility. During 2022, Advantek partnered with Cornell Capital, a U.S.-based private investment firm, to accelerate these initiatives.
LKTT has more than a decade of experience in carrier tape manufacturing with a focus on complex designs for connectors, shields, and other highly sensitive form factors. LKTT has strong customer relationships across the ASEAN region and will expand Advantek’s capabilities to support customers in Malaysia, Thailand, and Vietnam.
“Customer service, including local manufacturing capabilities, is a key component of Advantek’s long-term value-add proposition. Establishing a manufacturing footprint in Malaysia is an important step as we continue executing our strategic plans,” said Wim Goossens, Chief Executive Officer and President of Advantek. “I’m certain that by acquiring LKTT, we’ve expanded our team to include a group who shares our values of innovation and continuous improvement, while always prioritizing customers.”
“The acquisition of LKTT is an important milestone as Advantek looks to continue to expand its market-leading position by offering the highest quality product suite across the most comprehensive global footprint in the industry,” said Allen Chu, Partner at Cornell Capital.
About Advantek
Advantek is a leading provider of precision component delivery systems with facilities in North America, Asia and Europe. Advantek’s solutions play an important role in the assembly process of products such as computers, mobile phones, LED lighting, medical components, smart appliances and automobiles. For more information, visit www.advantek.com.
About LKTT
LKTT Plastic Technology is a manufacturer of embossed carrier tape used for transporting components in the capacitor, LED, metal shield, and semiconductors industries. LKTT serves as a one-stop-shop provider of carrier tape requirements like plastic reel, cover tape, and tape and reel operations. Based in Penang, Malaysia, LKTT was formed in 2010, following a spin out from LKT Plastic Technology. LKTT’s mission is to be the preferred carrier tape supplier in southeast Asia.
About Cornell Capital
Cornell Capital LLC is a U.S.-based private equity firm with ~$6 billion of AUM and offices in New York and Hong Kong. Leveraging decades of global investment experience, the firm focuses on North American middle market buyouts across the consumer, financial services, and industrials/business services sectors, often in companies that can benefit from global expansion through the firm’s Asia presence and cross-border expertise. Founded in 2013 by Senior Partner Henry Cornell, the former Vice Chairman of Goldman Sachs’ Merchant Banking Division, the firm is led by a highly seasoned team with significant shared investment experience. Since inception, Cornell has built a team dna partnership that are among the most diverse in the private equity industry. For more information, visit www.cornellcapllc.com.
Contacts:
Advantek
Jason Skrtic
Vice President Global Marketing and Product Management
+1 715-833-1677
jason.skrtic@advantek.com
Cornell Capital
Jon Keehner / Kate Thompson / Woomi Yun
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449
___________________________________________
For more information, visit www.advantek.com
EDEN PRAIRIE, Minnesota, USA. 19 April 2018—Advantek, Inc., the world’s leading provider of precision component packaging systems, recently added an enhanced packaging reel to their advanced line of products. The new reel is economical and stronger than the previous generation—confidently designed to package and protect all types of components.
The newly released product is an improved 13-inch Trimline LOKREEL®. The reel is an enhanced version of Advantek’s previous Trimline reel—offering a variety of new features.
This new Trimline LOKREEL® balances strength and cost. It contains larger and stronger bridges—providing increased strength and solidity. The durability promises to protect every component it carries. In additional to strength, the new Trimline LOKREEL® comes at a more affordable cost compared to other reels in the company’s collection.
“The new 13-inch Trimline LOKREEL® is an exceptional choice when price is a key concern,” says Linger Lui, Manager of Product Development at Advantek. “It offers an excellent balance between structural integrity, lower weight, and lower cost.”
The new reel joins Advantek’s broad collection of reels designed to meet to their customer’s needs. It joins the company’s large offering of 7”, 13”, 15” and 22” packaging reels. Keeping a wide array of growing customers in mind, the company continues to research options that fit all kinds of packaging needs.
“We are always improving our products and technologies,” says Tim Hemken, Director of Business Development at Advantek. “We work hard to meet all of our customer’s current needs, but we understand their markets and demands are always changing. We are excited to provide new solutions for their future product needs.”
For more information, contact:
Linger Liu, Manager, Product Development, Advantek, Inc.
+86 21 50484588 ext.220 – linger.liu@www.advantek.com.cn
Tim Hemken, Director, Business Development, Advantek, Inc.
+1-952-988-8551- tim.hemken@www.advantek.com.cn
About Advantek, Inc.
Advantek carrier tape safeguards the delivery of delicate components for computers, mobile phones, LED applications, medical devices, smart appliances, automotive systems and other technological products.
Advantek is a wholly-owned subsidiary of Robert Family Holdings (RFH) since 1992. RFH is a privately-held, family business with origins dating to 1946. RFH is focused on growth management and acquisition of high-value manufacturing companies. Identification of growth opportunities, technological development, and commitment to customers are the core elements of the RFH strategy.
Advantek launches a newly redesigned website. The enhanced site focuses on Advantek’s extensive expertise in carrier tape, and ability to provide customers the exact component delivery systems and tools they need to strengthen and grow their business. This approach is embodied in Advantek’s new company tagline Technology Made For You™.
Information is organized by both end-use application and product category. This dual presentation helps visitors easily find the solution for their particular need. As with the previous website, the new one has the client login link to where customers can find detailed information from Advantek’s open tool-database.
ST. LOUIS, MO, June 30, 2016 — Advantek Inc., a leading provider of precision component delivery systems, has signed a purchase agreement to acquire all shares of Convolutor International AB, a carrier tape manufacturer in Laxa, Sweden.
Worldwide demand for deep-pocket carrier tape is growing, especially for applications in the automotive and telecom sectors and among mechanical component manufacturers who utilize robotic pick-and-place technology. With the acquisition of Convolutor, Advantek will enhance its expertise and capability in deep-pocket and wide-width carrier tape and be better able to serve these manufacturers.
“We are pleased to join forces with Convolutor,” says Wim Goossens, President of Advantek. “In addition to the company’s specialized technology and extensive experience in linear forming, Convolutor has access to an excellent tool shop, and its tooling lead time is among the shortest in the industry. This acquisition will allow us to expand production in Europe and bring a wider range of carrier tape products faster to customers in the region. “Convolutor brings depth, width, and agility to Advantek, and we are excited to be working with this talented team.”
“We’ve always had a good feeling about Advantek when meeting their representatives at trade shows and elsewhere,” says Tor Osterberg, CEO of Convolutor International AB. “From our perspective, integration with Advantek offers an opportunity to access markets we cannot reach on our own. In addition, Advantek’s large-scale, standardized production nicely complements our own niche products and processes. Together, we will be able to further develop Advantek’s range of carrier tape products for manufacturers in Europe.”
Convolutor will become Advantek-Convolutor AB. The sale is expected to be final in early July.
For more information, contact
Wim Goossens, President, Advantek Group, telephone +33 671 00 48 75
Jim Harvey, Vice President Business Development, Advantek Group, telephone +1 715 833 1677
Jason Skrtic, Vice President Global Sales, Advantek Group, telephone +1 952 988 8604
Advantek carrier tape safeguards delivery of delicate components for computers, mobile phones, LED applications, medical devices, smart appliances, automotive systems and other technological products. For more information, visit www.advantek.com.cn.
Advantek is a wholly owned subsidiary of Robert Family Holdings (RFH) since 1992. RFH is a privately held, family business with origins reaching back to 1946. The RFH strategy is focused on managing growth and the acquisition of select companies. The vision to identify growth opportunities, the strength to develop technologies and the commitment to customers are the core elements of its strategy.
