Advantek LLC is acquiring LKTT Plastic Technology in a carrier tape deal.
LKTT, based in Bayan Lepas, Malaysia, makes carrier tape with a focus on complex designs for connectors, shields and other highly sensitive form factors, Advantek said in announcing the transaction. "LKTT has strong customer relationships across the ASEAN [Association of Southeast Asian Nations] region and will expand Advantek's capabilities to support customers in Malaysia, Thailand and Vietnam."
Advantek, based in Eden Prairie, Minn., has global operations that make specialty packaging tape for semiconductors and other electronic components. The tape transports components and presents them for assembly in products such as computers, mobile phones, lighting, medical components, appliances and automobiles, the company said.
"Establishing a manufacturing footprint in Malaysia is an important step as we continue executing our strategic plans," Advantek CEO Wim Goossens said in a statement. "Customer service, including local manufacturing capabilities, is a key component of Advantek's long-term value-add proposition."
Allen Chu, is a partner at Cornell Capital, a private equity firm that owns Advantek. "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," he said in a statement.
LKTT said on its website that the company's emboss carrier tape business serves the capacitor, LED, metal shield and semiconductor markets. The company's thermoformed carrier tapes are made from a variety of resins, including polypropylene, conductive polystyrene, high-impact polystyrene, conductive polycarbonate and amorphous PET.