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MARCH 2022 I SMT007 MAGAZINE 63 into the buyer's. is typically happens with smaller deals, but it can happen with any size deal. It also usually happens more when the two businesses are geographically close and when the seller is performing below average. It can be a great way for a seller to get more for the business since the buyer may be willing to pay more than if they had to take over the sell- er's facility. Beaulieu: How do you see the future? Is this trend going to continue? Kastner: I think the current conditions will last for some time, at least a year or two. PE firms continue to raise funds, interest rates may rise but should still be relatively low, the economy continues to chug along, and government pol- icies are both providing extra stimulus as well as incentives to increase U.S. manufacturing. Beaulieu: Any last comments? Kastner: Just a few comments on the direc- tion of the industry. Both the PCB and EMS industries look like they will continue to con- solidate. e acquiring companies will be stronger, larger, more professional, and capa- ble of investing in equipment and technology. Smaller companies will need to focus more on niches and customer service to survive. Larger, public companies are looking to diversify to grow, so there is a fair amount of opportunity for companies in the middle who are looking to take advantage of the re-shoring and consol- idation that is going on. Beaulieu: Very good information. Tom, thank you for your time. Kastner: No problem, Dan. My pleasure. SMT007 PCBAA Chairman Travis Kelly discusses with Nolan Johnson the latest updates on the new associa- tion's activities. The Printed Circuit Board Association of America is focused on advocating for man- ufacturing in America. Real Time with... IPC: Update From PCBAA

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