with the Azenta board and management team regarding the company's business, operations, financial condition, strategic plans, governance and other matters.Azenta is not a new company. It has been around for nearly half a century. For decades it operated as a leading automation provider and partner to the global semiconductor manufacturing industry. On Feb. 1, 2022, Azenta sold itsto Thomas H. Lee Partners, L.P. for about $3 billion.
Azenta has a very strong core business. The problems it is experiencing all revolve around the excess cash on the balance sheet. First, with one-third of the market cap of the company sitting in cash, it is impossible to accurately value Azenta when there is no clear direction for how that capital will be put to work. This is exacerbated by using $500 million on an acquisition that the market did not appear to agree with.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »