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CTS makes a strategic acquisition providing an entry into the EU and Eastern Europe

By Ian Gilson, PhD, CFA


CTS Corporation (NYSE:CTS) has acquired Noliac A/S, a small designer and manufacturer of tape cast and bulk piezoelectric components. Tape casting is the conversion of ceramic powder to thin films which are then used to make stacked actuators and other components. The process is also used in the production of capacitors, polymer batteries and photovoltaics. Films as thin as one millionth of a meter can be produced using tape casting and multiple layers can be cast. Noliac gives CTS access to a ceramic foundry in the EU.
Noliac, headquartered in Denmark, with manufacturing in Denmark and the Czech Republic, sells to OEMs in aerospace and defense, medical, test and measurement and industrial markets. As such it provides CTS with access to new customers in many of its established markets and with an entry into Eastern Europe.
This is a small company but one of strategic importance. We have not made any changes to our estimates based on this acquisition.

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