MAYFIELD HEIGHTS, Ohio--Brush Engineered Materials Inc. (NYSE:BW) through its wholly-owned subsidiary, Williams Advanced Materials Inc. (WAM), has entered into a definitive agreement to acquire privately held Academy Corporation. The acquisition is expected to be consummated in January 2010.
The transaction, valued at approximately $23 million, is expected to be financed through internally generated cash and proceeds from the Company’s $240 million revolving line of credit. The acquisition is expected to be accretive to earnings in 2010.
Based in Albuquerque, New Mexico, Academy, which has approximately 150 employees, will operate as a wholly-owned subsidiary. 
Academy is a provider of precious and non-precious metals and refining services. The Company’s extensive North American manufacturing capabilities include intermediate form products such as gold and silver sputtering targets, large area metallic sheet material, fine wire, and rod and powder. Among the markets served by Academy are architectural glass, solar energy, and electronics, and chemicals, medical, industrial and high-value jewelry. Along with WAM’s global presence in precious metals manufacturing and refining services, the Academy business will provide customers a broader level of manufacturing, technology and services worldwide.
Commenting on the acquisition, Dick Hipple, Brush Engineered Materials’ Chairman, President and CEO, said, “We welcome Academy and its dedicated team of employees. There are both complementary and unique aspects of both Academy and WAM which, together, will allow us to enhance our position in traditional markets, and drive additional growth in new markets.”
Williams Advanced Materials Inc. manufactures precious, non-precious and specialty metal products at its facilities in North America, Europe and Asia, and provides value added services on a global basis. Major markets for WAM’s products include magnetic data storage, wireless, defense, semiconductor, photonics, medical, photovoltaic, aerospace and key applications of the microelectronics markets.
Brush Engineered Materials Inc. is headquartered in Mayfield Heights, Ohio. The Company, through its wholly-owned subsidiaries, supplies highly engineered advanced enabling materials to global markets. Products include precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium alloys, beryllium and beryllium composites, and engineered clad and plated metal systems.
For a complete version of the BUSINESS WIRE press release: http://www.businesswire.com/news/home/20091117005959/en
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