CVC files registration statement for IPO
Semiconductor Business News
(09/13/99, 02:26:40 PM EDT)
ROCHESTER, N.Y. -- CVC Inc., a maker of deposition equipment for the fabrication of thin film recording heads for data storage and semiconductor devices, announced today that it filed an amended Registration Statement with the Securities and Exchange Commission regarding an initial public offering of 3.5 million shares of common stock.
Of that amount, 3 million shares are being sold by CVC, Inc. and 500,000 shares are being sold by selling stockholders. The offering will be sold through underwriters led by Lehman Brothers, Prudential Securities, SG Cowen and Warburg Dillon Read LLC. The underwriters will have an option to purchase up to 525,000 additional shares of common stock from the selling stockholders solely to cover over-allotments, if any.
Earlier this year, CVC sold both its gauge and tubes business and its fluids product line in order to concentrate more closely on the semiconductor and thin-film data storage industries.
In June, CVC merged with Commonwealth Scientific Corp. of Alexandria, Va., a privately held supplier of advanced ion beam processing equipment and technology. The combined organization is expected annual sales of more than $100 million.
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