Cornell Capital-Backed Lorom Merges with In-Tech
August 10, 2023 | PRNewswireEstimated reading time: 2 minutes
Lorom Holding Co., Ltd., a leading manufacturing solutions provider focusing on specialized cable manufacturing and assembly, today announced that it has merged with In-Tech Holdings (Cayman) Limited, an electronic manufacturing and development services company serving the automotive, aerospace, medical, marine, banking, security and wireless communication network industries. Terms of the transaction were not disclosed.
In-Tech is a global provider of customized interconnect solutions and electronic manufacturing services, specializing in demanding, fast-growing and highly regulated end markets. With a long history of product co-development, high-quality solutions and on-time delivery, In-Tech has established itself as a trusted partner of choice for customers, complementing Lorom's positioning in providing innovative solutions of cabling and interconnection to broad-based customers. Together, the combined company will offer both interconnect and contract manufacturing capabilities with a global network of facilities in the U.S., China, Malaysia and India.
In October 2019, Lorom partnered with Cornell Capital LLC ("Cornell Capital"), a private equity firm based in New York and Hong Kong, with a shared vision to accelerate Lorom's continued growth across Asia, Europe and North America and further strengthen its financial performance. In December 2022, Lorom acquired Segue Manufacturing Services ("Segue"), a leading North American electronics manufacturer, to expand Lorom's service offerings and diversify its global manufacturing footprint. With the addition of In-Tech, the combined company will be a vertically integrated, end-to-end manufacturing solutions provider of cables, PCBA and box build services.
"Today's announcement marks the creation of a one-stop-shop solutions provider, delivering customized solutions and services to our long-standing customer base," said John X. Zhang, Ph.D., Chief Executive Officer of Lorom. "We look forward to partnering with the talented In-Tech team to support our valued customers around the world and drive the next chapter of growth of the combined company."
"We are very excited about the opportunities that the combined platform is set to capture," said Albert Woon Wah Ho, Chairman of In-Tech. "The entire In-Tech team will stay on and continue to be key members of the enlarged management team."
"We are thrilled to support this merger and bring together a global network of strategically located manufacturing facilities and a diversified, stable base of blue-chip customers under John's leadership," said Allen Chu, Partner and Head of Asia at Cornell Capital. "We see significant business opportunities and synergies that can be realized by this merger, creating a manufacturing solutions provider with broad capabilities that is well-positioned to service fast-growing, highly regulated end markets."
BDA Partners is acting as financial advisor and Davis Polk & Wardwell LLP is acting as legal advisor to Cornell Capital and Lorom.
Suggested Items
Latest Test and Inspection Solutions from GOEPEL electronic at SMTconnect 2024
04/29/2024 | GOEPEL electronicGOEPEL electronic will be demonstrating automated test and inspection equipment at SMTconnect, taking place in Nuremberg from June 11 to 13, 2024.
SIA Commends CHIPS Act Incentives for Micron’s Manufacturing Projects in New York and Idaho
04/29/2024 | SIAThe Semiconductor Industry Association (SIA) today released the following statement from SIA President and CEO John Neuffer applauding semiconductor manufacturing incentives announced by the U.S. Department of Commerce and Micron.
Real Time with… IPC APEX EXPO 2024: Tools, Training, and Trends in Manufacturing Engineering
04/25/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and Product Specialist Erik Bateham of Polar Instruments discuss Polar's latest technology, including their role in aiding manufacturing engineers. They highlight the advanced capabilities of Polar's tools and the critical role of signal integrity analysis, as well as the importance of accurate modeling in board manufacturing. Polar's unique training approach and demonstration contact details are also explored.
TTM Celebrates the Grand Opening of Its First Manufacturing Facility in Penang
04/25/2024 | TTM Technologies, Inc.TTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards (PCBs), officially opened its first manufacturing plant in Penang, Malaysia with an investment of USD200 million (approximately RM958 million).
Listen Up! The Intricacies of PCB Drilling Detailed in New Podcast Episode
04/25/2024 | I-Connect007In episode 5 of the podcast series, On the Line With: Designing for Reality, Nolan Johnson and Matt Stevenson continue down the manufacturing process, this time focusing on the post-lamination drilling process for PCBs. Matt and Nolan delve into the intricacies of the PCB drilling process, highlighting the importance of hole quality, drill parameters, and design optimization to ensure smooth manufacturing. The conversation covers topics such as drill bit sizes, aspect ratios, vias, challenges in drilling, and ways to enhance efficiency in the drilling department.