USI and Asteelflash will, through two companies’ consolidated global footprint and technological capabilities, create more value by targeting new end-market segments and customers
Universal Scientific Industrial (USI), a company in electronic design, manufacturing services, and modularization solution, noted that it has successfully completed the acquisition of Asteelflash Group (Asteelflash). The same has been done through the acquisition of its parent company, Financière AFG S.A.S. As a result, USI will control a bigger platform with a global footprint of 27 manufacturing locations in 10 countries, over 24,000 employees and a combined revenue of over US$7 billion.
“The acquisition of Asteelflash is a critical step for USI to implement the ‘modularization, diversification, and globalization’ strategy. After the signing of the acquisition agreement, in response to the COVID-19 pandemic, Asteelflash adjusted its operations to effectively control cost, and has performed well overall. After closing, I believe that USI and Asteelflash management team will quickly implement the intended synergy plan, including sales, supply chain management and technology collaboration,” said Jeffrey Chen, Chairman of USI.
“We will work together to jointly expand our world leadership position to further improve our service to our global customers’ needs with localized operations and attract global talents to enhance our core competitiveness to achieve a sustainable development goal,” concluded Chen.
New end-market segments and customers
Following the Acquisition, Asteelflash’s current management team will remain with the company. USI and Asteelflash will, through two companies’ consolidated global footprint and technological capabilities, create more value by targeting new end-market segments and customers. The Acquisition, as the companies informed, will help USI accelerate its expansion of overseas manufacturing sites and operational systems to meet the market demand in Europe and the U.S., thereby winning an upper hand in the evolving new multipolar world, whereby a restructuring of global supply chain is undergoing. From a business development perspective, the Acquisition will optimize and diversify USI’s present customer portfolio and revenue composition, contributing to a worldwide business expansion in the future.
Asteelflash, on the other hand, will leverage USI’s technological capabilities to capture business opportunities from its major customers, aiming to boost its business growth to become emerging regional champions.
“This is a new milestone for Asteelflash and we are excited to join the USI family. USI and Asteelflash’s respective know-how will help us grow together, being more influential in an increasingly competitive marketplace. Together, we will broaden our capabilities, resources, and expertise to create new opportunities and serve our customers’ stringent needs with the highest level of quality,” said Gilles Benhamou, CEO of Asteelflash.