Great Yarmouth-based C-MAC acquired by API Technologies
The boss of the US firm which on Friday announced the takeover of Great Yarmouth-based microelectronics firm C-MAC said business activity would need to increase if it is to 'reverse' planned job losses.
The �21m API Technology takeover deal was announced just a day after C-MAC said it would restructure its worldwide operations with the loss of up to 60 jobs.
The Unite union yesterday said it would fight plans that threatened highly-skilled jobs at the Fenner Road site and would be a 'hammer blow' to the town.
President and chief operating officer of Orlando-based API Technologies Bel Lazar said the acquisition allowed the API to expand its international footprint and its international market and said the company was committed to Great Yarmouth and its other Milton Keynes site.
He said: 'It was one of the main reasons we bought C-MAC. We are very happy with their operations both in Great Yarmouth and Milton Keynes. We are happy with their facilities. We have no plans to relocate or move product lines out of here.'
He said that ultimately they would like to reverse the job losses, but that would be done with growth and increased business activity.
'I will be very happy if we are able to reverse it,' he added.
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API Technologies has acquired C-MAC from Francisco Partners and Shah Capital Partners. Last year C-MAC, which currently employs 300 people worldwide and provides electronic systems, modules, and components to the defence, aerospace, space, industrial, and energy industries, turned over �22.5m in 2011.
C-MAC chief executive of aerospace and defence electronics Karen Oddey said: 'Becoming part of API enables us to greatly enhance our already strong product line and deliver more value to the customers and partners who have been loyal to the C-MAC brand for over 60 years.
'On behalf of our team, we are very excited to be part of the API family and continuing to grow our brand and revenues globally.'
She said that she would be working on an investment plan for C-MAC to allow its growth in the aerospace and defence industry and would be presenting it to the API Technology team. 'It will be our number one priority to start work on that.'
Mr Lazar said that API wanted to expand the business and make it more profitable.