MKS Instruments de-levers balance sheet, paying off $350 million debt

By Devika Patel

Knoxville, Tenn., Jan. 15 – MKS Instruments Inc. completed the deleveraging of its balance sheet ahead of schedule, with $350 million of debt paid off as of the end of the last quarter.

The company had “very strong, robust free cash flow” in calendar year 2017, senior vice president, treasurer and chief financial officer Seth H. Bagshaw said at the 21st Annual Needham Growth Conference in New York on Tuesday.

“When we closed Newport, we had a 3x leverage ratio by the time we closed the transaction,” he said of the company’s acquisition of Newport Corp.

“Our goal back in 2016 was to de-lever the balance sheet pretty aggressively. We’ve done that. We’ve paid off $78 million of debt as of April 2016.

“[We’ve] now done $350 million of debt at the end of the last quarter.

“We committed to de-lever the balance sheet, one of our core goals, and we’ve actually done that ahead of schedule as well.”

MKS is an Andover, Mass.-based provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze parameters of manufacturing processes.

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