The management of precision-automation-equipment supplier Palomar Technologies has bought out the company from its original investors. That original investment group, which spun the company out of Los-Angeles-based Hughes Aircraft Company in 1995, foresaw the growing importance of contract manufacturing and automated assembly equipment and recognized the opportunity for developing high-performance machinery to speed electronic assembly.

The company is now owned by local management, which has been with the company for many years. As Bruce Hueners, president and chief executive officer (CEO) of Palomar explains, "This is a very positive step forward for Palomar. We are financially self-sufficient with an awesome team of employees and the latest technologies in precision interconnect for microelectronic assembly. All of our current operations, products, and services will continue unchanged, so there will be no effect on our customers worldwide. Going forward, having local ownership will enable us to act quickly to take advantage of opportunities in our space."

Palomar is one of the world's leading suppliers of automated wire bonders and component placement systems along with process development and contract assembly services.