MALAYSIA – US-based provider of precision component packaging systems, Advantek has completed the acquisition of Malaysian firm LKTT Plastic Technology.
LKTT manufactures embossed carrier tape that is used in transporting capacitors, light-emitting diodes (LEDs), metal shields and semiconductors.
The firm also provides carrier tape requirements such as plastic reel, cover tape, and tape and reel operations.
Aiming to be the preferred carrier tape supplier in South-East Asia, LKTT claims to have strong customer relationships across the Association of South-East Asian Nations (ASEAN) region.
The acquisition is intended to allow Advantek to better serve its customers in Malaysia, Thailand and Vietnam.
Advantek president and CEO Wim Goossens said: “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.
“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.”
Commenting on LKTT deal, Cornell Capital partner Allen Chu added: “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.”
Based in Eden Prairie, Minnesota, Advantek provides highly engineered specialty packaging tape to semiconductors and other electronic component providers to enable safe transportation of products for assembly.
These include computers, mobile phones, LED lighting, medical components, smart appliances, automobiles, and other consumer products.
The precision component packaging provider aims to offer its customers a full range of precision packaging materials using its global manufacturing footprint for optimal efficiency and flexibility.
To speed up these projects, Advantek teamed up with New York and Hong Kong-based private investment company Cornell Capital in 2022.
Advantek’s global footprint and operations in Asia align strongly with Cornell Capital’s deep expertise in Asia and history of driving both organic and inorganic growth to build companies into leading global platforms of choice.
Cornell Capital leverages its team’s decades of global investment and significant on-the-ground operating experience to work closely with the Advantek management team, led by Chief Executive Officer and President Wim Goossens, to accelerate growth initiatives, including continued innovation, geographic and capacity expansion and M&A.
Cornell’s investment in Advantek was led by Allen Chu, Partner and Head of Asia, in coordination with Stephen Trevor, Partner and Head of Business Services/Industrials, working seamlessly across the firm’s global platform.
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