The purchase of LKTT Plastic Technology Sdn. Bhd. by Advantek, a top supplier of highly engineered carrier tape and precise component packaging, was announced today. LKTT, a Malaysian company that offers additional precision packaging. The transaction's financial details weren't made public.
Advantek has production plants all around the world and its headquarters are in Eden Prairie, Minnesota. For more than 40 years, the world's top manufacturers of high-value semiconductors and other electronic components have been able to transport and present products for assembly safely thanks to Advantek's highly engineered specialty packaging tape. These products include computers, mobile phones, LED lighting, medical components, smart appliances, cars, and other consumer goods.
With a global manufacturing footprint that offers customers the highest level of efficiency and flexibility, Advantek is dedicated to offering customers a full range of precision packaging materials. To speed up these projects in 2022, Advantek teamed up with Cornell Capital, a private investment company with headquarters in the United States.
With a focus on intricate designs for connectors, shields, and other highly sensitive form factors, LKTT has more than ten years of experience making carrier tape. Through the expansion of Advantek's capabilities, LKTT will be able to service customers in Malaysia, Thailand, and Vietnam. LKTT has solid customer relationships throughout the ASEAN area.
"Customer service, including local manufacturing capabilities, is a key component of Advantek's long-term value-add proposition. Establishing a manufacturing footprint in Malaysia is an important step as we continue executing our strategic plans," said Wim Goossens, Chief Executive Officer and President of Advantek. "I'm certain that by acquiring LKTT, we've expanded our team to include a group who shares our values of innovation and continuous improvement, while always prioritizing customers."
"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," said Allen Chu, Partner at Cornell Capital.