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Honeywell Acquires Mitsubishi's Stake in GEM Microelectronic Materials
Monday November 15, 8:32 am ET
Second Investment This Year in Electronic Materials Growth Platform
MORRIS TOWNSHIP, N.J., Nov. 15 /PRNewswire-FirstCall/ -- Honeywell (NYSE: HON - News) today announced that it has acquired Mitsubishi Chemical America's 40 percent stake in GEM Microelectronics Materials, giving Honeywell sole ownership of the venture, which manufactures chemicals for the semiconductor industry.
Financial terms of the deal were not disclosed. GEM Microelectronics Materials was formed in 2001 when Mitsubishi and Honeywell combined their wet- process chemicals businesses. The business has annual revenues of $40 million.
The business' core competency is its ultra-high purity straight, wet-etch and cleaning chemistries. GEM's focus on quality is critical to semiconductor manufacturers' processes especially with wet cleaning chemistries, which are used in nearly every stage of semiconductor production. The business has also recently expanded its product portfolio to include performance cleans, ultra- high selective etchants and wafer-thinning products designed to meet specific customer needs.
"This acquisition further demonstrates our commitment to bringing a full range of chemical solutions to the global semiconductor industry," said Nance Dicciani, president and CEO of Honeywell Specialty Materials. "Electronic Materials is a key growth platform for our business and we continue to invest to broaden the range of products and solutions we offer to the semiconductor industry."
Dicciani also noted Honeywell's acquisition in April 2004 of the Thermal Solutions product line from Intri-Plex Technologies, Inc for Honeywell Electronic Materials. The acquisition, which included manufacturing operations in Thailand, expanded Honeywell's offering in the area of advanced heat spreaders that help dissipate the tremendous heat produced by ever-shrinking, yet more powerful chips.
The GEM Microelectronics Materials business has headquarters and manufacturing facilities in Chandler, Ariz., as well as manufacturing operations in Bryan, and Mansfield, Texas. Honeywell intends to discontinue use of the GEM name and market the products under its Honeywell Electronic Materials business, which makes a wide range of materials for the semiconductor industry based upon its expertise in both chemistry and metallurgy. Supplying to both the "front-end" (wafer production) and "back- end" (packaging), Honeywell's offerings can be found on the technology roadmaps of most of the top manufacturers in the semiconductor industry. Honeywell Electronic Materials employs approximately 1,200 people.
Honeywell International is a $25 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. For additional information, please visit honeywell.com .
Honeywell Specialty Materials, based in Morristown, N.J., is a global leader in providing customers with high-performance specialty materials, including fluorocarbons, specialty films and additives, advanced fibers and composites, customized research chemicals, and electronic materials and chemicals.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
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