CoorsTek agrees to $220 million buyout

CoorsTek agrees to $220 million buyout

Reuters

Keywords: Acquisitions and mergers, CoorsTek

CoorsTek Inc. has been acquired for more than $220 million by a private investment group led by top CoorsTek management and other members of the Coors brewing family.

CoorsTek, which has been hurt by a protracted downturn in the semiconductor industry, said it expects to report fourth-quarter revenue of $79 million to $82 million, representing an 18-21 per cent decline from its third-quarter numbers.

The company said it still expects to invest about 3 per cent of its sales in research and development in the fourth quarter and that its general expenses would range between 16 and 17 per cent of sales.