ST. LOUIS -- Viasystems Group, Inc. (NASDAQ: VIAS) announced today that it has completed its $283 million acquisition of DDi Corp. (NASDAQ: DDIC), strengthening Viasystems’ position as a world-class leader in printed circuit board (“PCB”) manufacturing and related electro-mechanical solutions. Viasystems announced its intention to acquire DDi on April 4, 2012.
“This acquisition creates a combined company with a substantial North American manufacturing presence serving high-mix, low-to-medium-volume needs of customers, to complement a significant high-volume manufacturing footprint in China,” stated David M. Sindelar, Chief Executive Officer of Viasystems. “Our global customers have access to state of the art, high technology quick-turn manufacturing services with seamless access to high-volume, low-cost complex PCB manufacturing off-shore. Further, the acquisition strengthens our financial model through the addition of profitable operations with positive cash flows, which we expect to be accretive to our earnings in our third quarter and thereafter.”
The combined company has over 15,600 employees and manufacturing floor space exceeding 4.3 million square feet in China and 1.0 million square feet in North America.
On April 30, 2012, the company’s wholly-owned subsidiary, Viasystems, Inc., completed a private placement of $550 million 7.875% Senior Secured Notes due 2019. The proceeds were used to fund the acquisition of DDi, to redeem all of Viasystems Inc.’s outstanding $220 million 12% Senior Secured Notes due 2015 (the “2015 Notes”), and to pay transaction fees and expenses related to the private placement, the redemption of the 2015 Notes and the acquisition of DDi. The redemption of Viasystems Inc.’s 2015 Notes was completed on May 30, 2012.
Viasystems Group Inc.