Advantek, LLC (Advantek), provider of highly engineered carrier tape and precision component packaging, 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. In 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.
Industry sourcing App
Copyright (c) Ringier Trade.com. Copyright (c) Ringier Trade Media Ltd. (c) 2023.
All rights reserved. Reproduction in whole or part in any form or medium without express written permission is not allowed.
Ringier Trade .com (c) Ringier Trade Media Ltd., accept no responsibility or liability for any information provided by any third party on this website.