19 February 2018
CST Global achieves 88% growth in 2017 to £6.7m, triggering issue of new shares in owner Sivers IMA
© Semiconductor Today Magazine / Juno PublishiPicture: Disco’s DAL7440 KABRA laser saw.
III-V optoelectronic foundry Compound Semiconductor Technologies Global Ltd (CST Global) of Hamilton International Technology Park, Blantyre, near Glasgow, Scotland, UK (a subsidiary of Sweden’s Sivers IMA Holdings AB) has reported revenue of £6.7m for 2017, up 88% year-on-year.
“The merger between CST Global and Sivers IMA in May 2017 allowed us to invest heavily in the automation of our production facility and quality processes,” says CEO Neil Martin. “This was essential to meeting the escalating demand,” he adds.
“Our investment has included the introduction of 4” wafer processing, increased MOCVD [metal-organic chemical vapor deposition] capability, a ground-breaking, automatic bar stacker machine, and automatic visual inspection and sorting. This is supported by a team of 59 world-class design, engineering and production staff. We also introduced ISO 9001:2015 quality and Telecordia certification, ITU GR 468 qualification testing, and ISO 14644-1 class 4 cleanroom conformance. These investments proved essential to accessing a new, world-class customer base,” continues Martin. “CST Global’s membership and support of the UK and European Technology Consortium Program means we have 14 active government co-funded projects feeding our technology capability pipeline.”
CST Global agreed to be acquired on 19 May for an initial purchase price of 27,924,998 shares in Sivers IMA. By exceeding £6.5m turnover, as part of the original agreement, CST Global shareholders are entitled to an additional 13,962,499 newly issued shares. During its annual general meeting (AGM) on 14 February, Sivers IMA’s board of directors agreed to authorize the issue of the new shares. These are expected to be traded on Nasdaq First North on 21 February. Following completion, Sivers IMA shares will total 107,045,825.