ATMI Acquires Remaining Interest in Korean Joint Venture
BUSINESS WIRE - January 02, 2001 13:06
DANBURY, Conn., Jan 2, 2001 (BUSINESS WIRE) -- ATMI, Inc. (Nasdaq:ATMI), today announced that it has purchased the remaining 30% minority interest in its South Korean chusik hosea joint venture with K.C. Tech.
The joint venture manufactures, sells, and distributes thin film materials to the semiconductor industry in South Korea.
Under the agreement, ATMI will pay $5 million, a diminishing royalty, and certain expenses in exchange for the 30% interest held by K.C. Tech and various commitments from K.C. Tech. ATMI also expects to purchase $2 million of common stock of K.C. Tech from their treasury, equal to about 2.5% of their outstanding shares. ATMI and K.C. Tech expect to continue cooperating in research and development for semiconductor and flat panel display manufacturing equipment. Additionally, it is expected that K.C. Tech will manufacture ATMI chemical delivery systems for the Korean market on an original equipment manufacturer (OEM) basis for five years. Current employees of the joint venture are expected to be retained, and ongoing operations are to be consolidated under ATMI Korea.
More information about K.C. Tech is available at kctech.co.kr. |
