Asyst, Shinko Electric Confirm Joint Venture Plans
Online staff -- Electronic News, 5/24/2002
e-insite.net
Asyst Technologies Inc. and Shinko Electric Co. Ltd. today firmed up their planned joint venture by signing a definitive agreement.
Last month the companies announced details of a planned joint venture company, named Asyst Shinko Inc. Asyst will take a 51 percent stake in the venture, with Tokyo-based Shinko Electric taking the remaining 49 percent. The new company will contain the automated material handling systems (AMHS) business of Shinko Electric. Under terms of the agreement, Asyst will pay about $65.5 million (8.2 billion yen) for its share of the company, a rate equivalent to 1.34 times Shinko Electric's AMHS sales for the year that ended March 31. Asyst said it is currently exploring its options for funding the transaction, including bank debt in Japan.
The transaction is expected to close Oct. 1. At that point, Asyst expects the Asyst Shinko and FasTrack engineering and sales teams to work cooperatively, offering customers a dual-technology, optimized wafer transport and tool loading system.
Meanwhile, Fremont, Calif.-based Asyst continues its commercialization program for its proprietary AMHS technology, dubbed FasTrack. The technology uses continuous-flow technology to transport semiconductor wafers within a fab. |
