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Formfactor, Inc. Reports 2020 Third Quarter Results

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Company Delivers Q3 Revenue and Gross Margin at High End of Outlook Range, Expects Continued Momentum in Q4; Acquires High Precision Devices, Inc., Expanding Cryogenic Thermal Control and Test Expertise

LIVERMORE, Calif., Oct. 28, 2020 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2020 ended September 26, 2020. Quarterly revenues were $178.0 million, an increase of 12.8% compared to $157.8 million in the second quarter of fiscal 2020, an increase of 26.6% from $140.6 million in the third quarter of fiscal 2019.

  • Revenue at high end of outlook range, close to Company record; Non-GAAP EPS above outlook range
  • Demonstrated diversified revenue profile, with four semiconductor industry leaders comprising ten-percent customers
  • Continued to add production capacity and increase factory output to meet sustained strong demand

“Our third quarter results demonstrate FormFactor’s continuing progress, as we scale to meet customers’ robust demand for our products,” said Mike Slessor, CEO of FormFactor, Inc. “Despite the challenges posed by COVID-19, we steadily improved the efficiency of both our internal operations and external supply chain, allowing us to deliver results nearly matching our all-time-record fourth quarter of 2019.”

The Company also announced that it acquired High Precision Devices, Inc. (HPD) shortly after the end of the third quarter. Based in Boulder, Colorado, HPD brings world-class cryogenic thermal control and test expertise that augment FormFactor’s existing capabilities and products. The ability to control and manage testing from near absolute zero to hundreds of degrees centigrade is a differentiating capability in semiconductor testing, and HPD expands FormFactor’s leading portfolio of engineering system test and measurement capabilities.

“We are pleased to welcome to HPD’s team to FormFactor and are excited about adding their expertise, technologies, and products in cryogenic test and measurement, an area that is evolving rapidly with revolutionary applications like quantum computing” said Dr. Mike Slessor, CEO of FormFactor.

Third Quarter Highlights

On a GAAP basis, net income for the third quarter of fiscal 2020 was $22.9 million, or $0.29 per fully-diluted share, compared to net income for the second quarter of fiscal 2020 of $20.5 million, or $0.26 per fully-diluted share, and net income for the third quarter of fiscal 2019 of $8.3 million, or $0.11 per fully-diluted share. Gross margin for the third quarter of 2020 was 43.1%, compared with 41.9% in the second quarter of 2020, and 39.3% in the third quarter of 2019.

On a non-GAAP basis, net income for the third quarter of fiscal 2020 was $30.7 million, or $0.39 per fully-diluted share, compared to net income for the second quarter of fiscal 2020 of $25.8 million, or $0.33 per fully-diluted share, and net income for the third quarter of fiscal 2019 of $17.3 million, or $0.22 per fully-diluted share. On a non-GAAP basis, gross margin for the third quarter of 2020 was 46.7%, compared with 45.8% in the second quarter of 2020, and 43.5% in the third quarter of 2019.

A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

Free cash flow for the third quarter of fiscal 2020 was $37.2 million, compared to free cash flow for the second quarter of fiscal 2020 of $18.6 million, and free cash flow for the third quarter of 2019 of $25.6 million. A reconciliation of net cash provided by operating activities to free cash flow is provided in the schedules included below.

Stock Repurchase Program

The Company’s Board of directors has authorized a $50.0 million share repurchase program to help offset dilution from share issuances related to stock-based compensation. The Company intends to purchase share in the open market. The share repurchase program will expire on October 28, 2022.

Outlook

Dr. Slessor added, “As reflected in our fourth-quarter outlook, we anticipate remaining on our current positive trajectory for a strong finish to 2020.”

For the fourth quarter ending December 26, 2020, FormFactor is providing the following outlook*:

    GAAP   Reconciling Items**   Non-GAAP
Revenue   $178 million to $190 million     $178 million to $190 million
Gross Margin   40% to 43%   $7 million   44% to 47%
Net income per diluted share   $0.19 to $0.27   $0.16   $0.35 to $0.43

*This outlook assumes consistent foreign currency rates. **Reconciling items are stock-based compensation, restructuring charges, acquisition related expenses and amortization of intangibles.

We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PDT, or 4:25 p.m. EDT, today.

The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our web site at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The telephone replay will be available through November 4, 6:30 p.m. Pacific Time, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 4879487. Additionally, the replay will be available on the Investor Relations section of our website, www.formfactor.com.

Use of Non-GAAP Financial Information:

To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP earnings per fully-diluted share, non-GAAP gross margin, non-GAAP operating expenses and non-GAAP operating income, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and nine months ended September 26, 2020 and for outlook provided before, as well as for the comparable periods of fiscal 2019, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

About FormFactor:

FormFactor, Inc. (Nasdaq:FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle – from metrology and inspection, characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date hereof, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to statements regarding future financial and operating results, customer demand, conditions in the semiconductor industry, and growth opportunities, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; the speed of customer implementation of new technologies; industry seasonality; risks to the Company’s realization of benefits from acquisitions and investments in capacity; changes macro-economic environments; events affecting global and regional economic conditions and stability such as Brexit, infectious diseases and pandemics (such as the current COVID-19 pandemic), military conflicts, political volatility and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. We are operating in an environment with especially substantial uncertainties arising from the COVID-19 pandemic, including with respect to its current and future impact on our operations, workforce, manufacturing capacity, customer demand, supply chain, macroeconomic environment and other important aspects of our business. In addition, there are increasingly restrictive export regulations being adopted in the U.S., including recently published amendments to export regulations that may substantially restrict or condition our sales in China with considerable uncertainty regarding the ultimate interpretation and implementation of these rules. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

FORMFACTOR, INC.  CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)

  Three Months Ended   Nine Months Ended
  September 26, 2020   September 28, 2019   September 26, 2020   September 28, 2019
Revenues $ 177,996      $ 140,604      $ 496,573      $ 410,835   
Cost of revenues 101,247      85,286      286,267      247,644   
Gross profit 76,749      55,318      210,306      163,191   
Operating expenses:              
Research and development 22,878      20,096      65,064      59,893   
Selling, general and administrative 31,834      25,887      82,282      77,354   
Total operating expenses 54,712      45,983      147,346      137,247   
Operating income 22,037      9,335      62,960      25,944   
Interest income 249      724      1,310      1,988   
Interest expense (193 )   (422 )   (682 )   (1,539 )
Other income, net 299      226      141      223   
Income before income taxes 22,392      9,863      63,729      26,616   
Provision (benefit) for income taxes (499 )   1,584      4,479      5,906   
Net income $ 22,891      $ 8,279      $ 59,250      $ 20,710   
Net income per share:              
Basic $ 0.30      $ 0.11      $ 0.78      $ 0.28   
Diluted $ 0.29      $ 0.11      $ 0.75      $ 0.27   
Weighted-average number of shares used in per share calculations:              
Basic 77,029      75,280      76,436      74,749   
Diluted 78,809      77,291      78,534      76,763   

FORMFACTOR, INC.  NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

  Three Months Ended   Nine Months Ended
  September 26, 2020   September 28, 2019   June 27, 2020   September 26, 2020   September 28, 2019
GAAP Gross Profit $ 76,749        $ 55,318        $ 66,167        $ 210,306        $ 163,191     
Adjustments:                  
Amortization of intangibles and inventory fair value adjustment due to acquisition 5,495        4,707        5,174        16,419        14,137     
Stock-based compensation 962        1,117        901        2,800        3,031     
Restructuring charges —        —        —        —        258     
Non-GAAP Gross Profit $ 83,206        $ 61,142        $ 72,242        $ 229,525        $ 180,617     
                   
GAAP Gross Margin 43.1    %   39.3    %   41.9    %   42.4    %   39.7    %
Adjustments:                  
Amortization of intangibles and inventory fair value adjustment due to acquisition 3.1    %   3.3    %   3.3    %   3.3    %   3.4    %
Stock-based compensation 0.5    %   0.9    %   0.6    %   0.6    %   0.7    %
Restructuring charges —    %   —    %   —    %   —    %   0.1    %
Non-GAAP Gross Margin 46.7    %   43.5    %   45.8    %   46.3    %   43.9    %
                   
GAAP operating expenses $ 54,712        $ 45,983        $ 43,674        $ 147,346        $ 137,247     
Adjustments:                  
Amortization of intangibles and inventory fair value adjustment due to acquisition (1,547 )     (1,372 )     (1,528 )     (4,588 )     (6,111 )  
Stock-based compensation (4,547 )     (5,387 )     (4,741 )     (13,974 )     (14,057 )  
Restructuring charges —        (22 )     —        —        (199 )  
Gain on contingent consideration 71        —        3,700        3,771        —     
Acquisition related expenses (334 )     (247 )     —        (369 )     (247 )  
Non-GAAP operating expenses $ 48,355        $ 38,955        $ 41,105        $ 132,186        $ 116,633     
                   
GAAP operating income $ 22,037        $ 9,335        $ 22,493        $ 62,960        $ 25,944     
Adjustments:                  
Amortization of intangibles and inventory fair value adjustment due to acquisition 7,042        6,079        6,702        21,007        20,248     
Stock-based compensation 5,509        6,504        5,642        16,774        17,088     
Restructuring charges —        22        —        —        457     
Gain on contingent consideration (71 )     —        (3,700 )     (3,771 )     —     
Acquisition related expenses 334        247        —        369        247     
Non-GAAP operating income $ 34,851        $ 22,187        $ 31,137        $ 97,339        $ 63,984     

FORMFACTOR, INC.  NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

  Three Months Ended   Nine Months Ended
  September 26, 2020   September 28, 2019   June 27, 2020   September 26, 2020   September 28, 2019
GAAP net income $ 22,891      $ 8,279      $ 20,469      $ 59,250      $ 20,710   
Adjustments:                  
Amortization of intangibles and inventory fair value adjustment due to acquisition 7,042      6,079      6,702      21,007      20,248   
Stock-based compensation 5,509      6,504      5,642      16,774      17,088   
Restructuring charges —      22      —      —      457   
Gain on contingent consideration (71 )   —      (3,700 )   (3,771 )   —   
Acquisition related expenses 334      247      —      369      247   
Income tax effect of non-GAAP adjustments (4,970 )   (3,812 )   (3,265 )   (10,994 )   (10,137 )
Non-GAAP net income $ 30,735      $ 17,319      $ 25,848      $ 82,635      $ 48,613   
                   
Non-GAAP net income per share:                  
Basic $ 0.40      $ 0.23      $ 0.34      $ 1.08      $ 0.65   
Diluted $ 0.39      $ 0.22      $ 0.33      $ 1.05      $ 0.63   

FORMFACTOR, INC.  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

  Nine Months Ended
  September 26, 2020   September 28, 2019
Cash flows from operating activities:      
Net income $ 59,250      $ 20,710   
Selected adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 14,491      12,644   
Amortization 20,249      20,248   
Stock-based compensation expense 16,774      17,088   
Provision for excess and obsolete inventories 9,763      8,046   
Gain on contingent consideration (3,771 )   —   
Other activity impacting operating cash flows 7,453      4,642   
Net cash provided by operating activities 124,209      83,378   
Cash flows from investing activities:      
Acquisition of property, plant and equipment (41,887 )   (14,242 )
Acquisition of business, net of cash acquired (34,999 )   —   
Proceeds (purchases) of marketable securities, net 20,609      (25,898 )
Other activity impacting investing cash flows 82      93   
Net cash used in investing activities (56,195 )   (40,047 )
Cash flows from financing activities:      
Proceeds from issuances of common stock 9,588      7,672   
Proceeds from term loan debt 18,000      —   
Payment of term loan debt issuance costs (78 )   —   
Tax withholdings related to net share settlements of equity awards (15,382 )   (7,898 )
Principal repayments on term loans (41,098 )   (18,750 )
Net cash used in financing activities (28,970 )   (18,976 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,262      (161 )
Net increase in cash, cash equivalents and restricted cash 40,306      24,194   
Cash, cash equivalents and restricted cash, beginning of period 147,937      100,546   
Cash, cash equivalents and restricted cash, end of period $ 188,243      $ 124,740   

FORMFACTOR, INC.  RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands) (Unaudited)

  Three Months Ended   Nine Months Ended
  September 26, 2020   September 28, 2019   June 27, 2020   September 26, 2020   September 28, 2019
Net cash provided by operating activities $ 41,762      $ 28,002      $ 43,108      $ 124,209      $ 83,378   
Adjustments:                  
Cash paid for interest 210      350      182      683      1,128   
Acquisition related payments in working capital 334      —      —      369      —   
Capital expenditures (5,144 )   (2,782 )   (24,693 )   (41,887 )   (14,242 )
Free cash flow $ 37,162      $ 25,570      $ 18,597      $ 83,374      $ 70,264   

FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) 

  September 26, 2020   December 28, 2019
ASSETS      
Current assets:      
Cash and cash equivalents $ 185,368      $ 144,545   
Marketable securities 56,100      76,327   
Accounts receivable, net of allowance for doubtful accounts of $222 and $222 96,946      97,868   
Inventories, net 94,616      83,258   
Restricted cash 1,477      1,981   
Prepaid expenses and other current assets 21,687      15,064   
Total current assets 456,194      419,043   
Restricted cash 1,398      1,411   
Operating lease, right-of-use-assets 29,320      31,420   
Property, plant and equipment, net of accumulated depreciation 97,528      58,747   
Goodwill 220,757      199,196   
Intangibles, net 37,937      57,610   
Deferred tax assets 71,464      71,252   
Other assets 1,009      1,203   
Total assets $ 915,607      $ 839,882   
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 62,903      $ 40,914   
Accrued liabilities 44,026      36,439   
Current portion of term loans, net of unamortized issuance costs 9,120      42,846   
Deferred revenue 13,670      9,810   
Operating lease liabilities 6,555      6,551   
Total current liabilities 136,274      136,560   
Term loans, less current portion, net of unamortized issuance costs 26,874      15,639   
Deferred tax liabilities 5,682      6,986   
Long-term operating lease liabilities 26,794      29,088   
Other liabilities 5,841      10,612   
Total liabilities 201,465      198,885   
       
Stockholders’ equity:      
Common stock, $0.001 par value:      
250,000,000 shares authorized; 77,383,494 and 75,764,990 shares issued and outstanding 78      76   
Additional paid-in capital 896,576      885,821   
Accumulated other comprehensive income (loss) 2,479      (659 )
Accumulated deficit (184,991 )   (244,241 )
Total stockholders’ equity 714,142      640,997   
Total liabilities and stockholders’ equity $ 915,607      $ 839,882   

About our Non-GAAP Financial Measures: We believe that the presentation of non-GAAP net income, non-GAAP earnings per fully-diluted share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP earnings per fully-diluted share, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP earnings per fully-diluted share, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our company. We compute non-GAAP net income, non-GAAP fully-diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, by adjusting GAAP net income, GAAP earnings per fully-diluted share, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, earnings per fully-diluted share, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP earnings per fully-diluted share, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” and “Reconciliation of Cash Provided By Operating Activities to Free Cash Flow” included in this press release.

Source: FormFactor, Inc.

FORM-F

Investor Contact: Stan Finkelstein Investor Relations (925) 290-4321 [email protected]

 

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Manuela Baroncini joins Swiss Re Corporate Solutions as Global Head Engineering & Construction

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ZURICH, Nov. 27, 2020 /PRNewswire/ — Swiss Re Corporate Solutions appoints Manuela Baroncini as Global Head Engineering & Construction (E&C), effective 1 March 2021. In this role, Ms. Baroncini will be responsible for driving the success of the E&C portfolio, maintaining a profitable book of business and leading a global team of underwriting experts. Based in London and reporting to Martin Hegelbach, Head Property & Specialty, Ms. Baroncini succeeds Guido Benz, who will join Aon at the end of December after 13 years with Swiss Re.

Construction site (PRNewsFoto/Swiss Re Corporate Solutions)

“It is great to welcome someone of Manuela's calibre and technical expertise back to Corporate Solutions. She is a highly energetic, experienced industry leader who understands the needs of our customers. She is also highly engaged with the broking community and truly understands the market,” said Mr. Hegelbach. “Over the past several years, Manuela has amassed a wealth of knowledge and experience by profitably managing large portfolios of business. I look forward to working with her as she leads our next phase of development in this key sector.”

Mr. Hegelbach continued, “We wish Guido great success in his new role. He has been instrumental in building up our E&C book of business and expanding our product offering. We are sad to see him leave but look forward to continuing the relationship as he will remain active in the insurance market.”

Ms. Baroncini brings almost 20 years of construction insurance experience to this role, most recently as Head of Construction UK for a large commercial insurer. In this role, she was responsible for providing construction risk transfer solutions for domestic and multinational risks to help make customers in the UK and around the globe more resilient. She previously worked for Swiss Re Corporate Solutions between 2002 and 2015 in roles of increasing seniority within the E&C team.

Ms. Baroncini holds a Fellowship Post Degree in Material Science from the University of Cambridge and a Master of Science in Mechanical Engineering from the University of Rome Tor Vergata. She is an executive member at the London Engineering Group and a Chartered member of the Italian Institution of Engineers.

The Swiss Re Corporate Solutions E&C team insures a wide range of risks across different sectors including renewable energy, construction, infrastructure, power and utilities, heavy industries and mining.

About Swiss Re Corporate Solutions
Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from offices worldwide and is backed by the financial strength of the Swiss Re Group. Visit corporatesolutions.swissre.com or follow us on linkedin.com/company/swiss-re-corporate-solutions and Twitter @SwissRe_CS.

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Ultimaker appoints Jürgen von Hollen as Chief Executive Officer

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Jos Burger advances to Supervisory Board

UTRECHT, Netherlands, Nov. 27, 2020 /PRNewswire/ — Ultimaker, the global leader in professional 3D printing, appointed Jürgen von Hollen as Chief Executive Officer, replacing Jos Burger, who will retire and join the Supervisory Board. This change will be effective on January 1, 2021.

Jos Burger joined Ultimaker in 2014 and transformed the company from a start-up to a global player in the 3D printing industry. According to the most recent findings from the UK market intelligence firm CONTEXT, in the first half of 2020, strong demand from work-from-home scenarios allowed for Ultimaker to ascend to the top two position in global 3D Printer hardware shipment revenues. Ultimaker leads the Professional Price Class printer segment in the first half of 2020 with a 40% market share of hardware revenues.

“I'm tremendously proud of everything we achieved at Ultimaker in a short period of time. The transformation from a start-up to a company that now shapes how companies produce and manufacture is phenomenal,” said Jos Burger, outgoing CEO, Ultimaker. “The last seven years have been intense, and given my age, it's now time to retire from the CEO role. All the building blocks that will sustain future growth are there, and now it's the best moment to hand over to Jürgen. Ultimaker continues to have a unique space in my heart, and I'm thrilled with the opportunity to serve on the Supervisory Board.”

Jürgen von Hollen brings extensive international experience and a wealth of leadership in fast-growth technology industries. Prior to Ultimaker, Jürgen was President and CEO at Universal Robots, where he successfully grew the company and established it as the global market leader in collaborative robotics. Jürgen has held leadership positions at Bilfinger SE, Daimler-Chrysler Services, T-Systems, and Pentair.

“I am very excited to be joining the Ultimaker team, who has developed a leading product, strong business model and has a very talented team,” said Jürgen von Hollen, incoming CEO, Ultimaker. “I believe this uniquely positions Ultimaker to take full advantage of a USD 35 billion 3D printing market and outgrow this market, which itself is expected to grow at 20% per annum. Ultimaker has the ability to enable dynamic innovation, flexible manufacturing and delivers great productivity improvements. Together, we want to transform organizations and Ultimaker is in a great position to grow as the leader.”

Bart Markus, Chairman of the Supervisory Board, adds: “Jos is leaving a great legacy behind, and now it is the right time to take advantage of what Jos has built and accelerate the company further. We are excited to have Jürgen as our new leader, and he is perfectly suited to take Ultimaker to new heights.”

About Ultimaker

Since 2011, Ultimaker has built an open and easy-to-use solution of 3D printers, software, and materials that enable professional designers and engineers to transform the way they manufacture. Over 400 employees work together to accelerate the world's transition to digital manufacturing.  

Photo – https://mma.prnewswire.com/media/1343404/Ultimaker_Jurgen_von_Hollen.jpg

 

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EQT Infrastructure and Proximus form partnership to bring fiber to 1.5 million households in the Flemish Region of Belgium

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  • EQT Infrastructure and Proximus sign joint venture agreement to build a fiber-to-the-home network for at least 1.5 million households and businesses in the Flemish Region of Belgium                 
  • EQT Infrastructure and Proximus are committed to invest significantly into the increased digitalization of the Belgian society                 
  • The JV will benefit from EQT Infrastructure's vast fiber roll-out experience and Proximus' unrivalled expertise in the Belgian telecom market, and together the parties aim at realizing a substantial increase of the fiber coverage in Flanders

STOCKHOLM, Nov. 27, 2020 /PRNewswire/ — The EQT Infrastructure V fund (“EQT Infrastructure”) and Proximus, Belgium's largest telecom operator, are pleased to announce the signing of a partnership agreement. As part of this agreement, the two parties will form a new joint venture (JV) that will design, build and maintain a fiber-to-the-home (FTTH) network in Flanders. EQT Infrastructure will initially own 50.1 percent of the JV and Proximus will hold 49.9 percent.

EQT Infrastructure and Proximus have identified large opportunities in accelerating the build-out pace of the FTTH network in the Flemish Region of Belgium. FTTH is the fastest and most reliable broadband solution available and is instrumental in managing the increasingly growing internet bandwidth demands of the future. EQT and Proximus are committed to invest significantly into the JV over the coming years with the ambition to bring the required fiber connectivity to Flanders so that its residents and businesses can actively participate in the Gigabit Society.

The JV will benefit from the combination of EQT Infrastructure's vast experience from developing strong fiber companies in Europe and North America, and Proximus' unrivalled expertise in the Belgian telecom market and long-standing relationships with municipalities and housing associations. Together, the parties will create an efficient rollout machine to build a fiber network, which will be open and accessible to all operators. The JV intends to connect its first customers during 2021 and the overall goal is to bring fiber connectivity to at least 1.5 million households and businesses over the coming years. The JV will be supported by a strong board of directors with hands-on experience from fiber deployment in Belgium and other European markets.

Matthias Fackler, Partner at EQT Partners, said: “We are very happy to have found a strong partner in Proximus for this exciting fiber rollout opportunity in Belgium. As the leading investor in digital infrastructure, EQT sees the growing need for future-proof and reliable broadband access all over the European continent. Through this partnership, we look forward to facilitating digital inclusion and sustainable economic growth in Flanders and the Belgian society as a whole.”

Guillaume Boutin, CEO of Proximus, said: “I am very pleased that we have signed this final agreement with EQT Infrastructure. This will enable us to reinforce our leading position in multi-gigabit infrastructures, in an era where reliable, next-generation fixed and mobile connectivity has become more important than ever. It also illustrates our positive attitude towards cooperation and co-investment, which will be an important trigger to guarantee a faster, broader and more cost-efficient roll-out. I'd like to congratulate the teams involved on both sides, as this agreement marks another major step forward to build the most future-proof and open network for Belgium and bring high-speed connectivity solutions to every citizen”.

The closing of the transaction is expected in Q1 2021, subject to customary regulatory approvals.

With this transaction, EQT Infrastructure V is expected to be 15-20 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact:
Matthias Fackler
Partner at EQT Partners and Investment Advisor to EQT Infrastructure
+49 89 25 54 99 0

EQT Press Office, [email protected], +46 8 506 55 334

About EQT

EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Proximus

Proximus Group (Euronext Brussels: PROX) is a provider of digital services and communication solutions operating in the Belgian and international markets. Delivering communication and entertainment experiences for residential consumers and enabling digital transformation for enterprises, we open up a world of digital opportunities so people live better and work smarter. Thanks to advanced interconnected fixed and mobile networks, Proximus provides access anywhere and anytime to digital services and data, as well as to a broad offering of multimedia content. Proximus is a pioneer in ICT innovation, with integrated solutions based on IoT, Data analytics, cloud and security.

With 12,931 employees, all engaged to offer customers a superior experience, the Group realized an underlying Group revenue of EUR 5,686 million end-2019.

More info: www.proximus.com and www.proximus.be

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-infrastructure-and-proximus-form-partnership-to-bring-fiber-to-1-5-million-households-in-the-fle,c3244704

The following files are available for download:

https://mb.cision.com/Main/87/3244704/1340732.pdf

Press release EQT Infrastructure V Proximus JV 201127

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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