Materion said Monday it has agreed to acquire the principal portion of the high-performance target materials business of the Heraeus Group of Hanau, Germany, for $30 million.
Heraeus manufactures precious and non-precious metal target materials for the architectural and automotive glass, electronic display, photovoltaic and semiconductor markets at facilities in Germany, Taiwan, the United States and Singapore. Once acquired, the businesses will operate within the Materion Advanced Materials business segment.
The purchase price is a six times multiple of EBITDA. The deal is expected to be accretive to earnings in 2017.