Cirtek sees add’l $25-M revenues

Listed technology firm Cirtek Holdings Philippines Corp. (CHPC) expects additional revenues of $25 million following its acquisition of US-based Quintel, a leading provider of advanced high-efficiency and high-performance antenna solutions.

In a briefing yesterday, CHPC chief finance officer Anthony Buyawe said the company sees revenue hitting $120-$125 million this year with the inclusion of Quintel in its portfolio.

Last year, Cirtek registered $75 million in revenues.

After Quintel, CHPC vice chairman and president Roberto Juanchito Dispo said the company is looking to have two more acquisitions.

“The plan is to acquire one or two more technology assets in the next one or two years to transform the company into a very high-tech company,” Dispo said.

The company is also planning to expand capacity outside the Philippines such as China or Singapore, officials said.

“We will benefit from higher capacity,” Dispo said, adding that the company is looking for better partners in China.

During yesterday’s briefing, CHPC chairman Jerry Liu said that with the company’s acquisition of Quintel, “we are fulfilling our vision to make Cirtek a world class high technology company.”

Under the agreement, CHPC acquired 100 percent of Quintel in a $77 million deal, giving it a significant presence in the large and rapidly growing base station antenna market, estimated to reach more than $14 billion by 2020.

Cirtek will fund the transaction through debt financing.

Quintel is a leading innovator of spectrum and space-efficient base station antennas for wireless networks. Its major customers include two of the top five telecom carriers in North America.

Dispo said that being the strategic manufacturing partner of Quintel products places Cirtek in a unique situation to achieve significant synergies through value engineering, research and development collaboration as well as cost reduction, resulting in high-quality, reliable and costcompetitive products.

Liu said Quintel’s cutting edge R&D and product capabilities would significantly complement Cirtek’s growing portfolio in wireless communication.

“Quintel is extremely pleased to be part of the Cirtek team which immediately provides us with the horizontal growth opportunities as well as vertical integration with a highly capable manufacturing group to enhance our current product portfolio and improve our overall efficiencies,” he said.