To Everyone,
Time to close the books on this thread.
PORTLAND, Ore., June 9 /PRNewswire/ -- Electro Scientific Industries, Inc. (Nasdaq: ESIO) announced today the completion of the acquisition of Dynamotion Corp. based in Santa Ana, California.
Dynamotion Corp., founded in 1985, is a producer of high performance mechanical drilling and routing systems. Dynamotion products are primarily used in the semiconductor and electronics industries to create advanced electronic interconnections in printed circuit boards and electronic packages. The combination of Dynamotion's mechanical products and ESI's laser-based drilling system is highly complimentary. These products provide a foundation for a complete solution to the advanced printed circuit board and electronic packaging market.
Consideration for all the outstanding capital stock of Dynamotion consists of approximately 347,000 shares of ESI stock resulting in total purchase proceeds of $13 million. A portion of the shares will be restricted from trading for 12 and 18-month periods. In conjunction with this acquisition, ESI will record a one-time in-process research and development charge of less than $10 million against earnings in the first quarter of fiscal year 1998 ending August 31, 1997.
Donald R. VanLuvanee, President and CEO of ESI said, "My enthusiasm regarding the combination of ESI's laser-drilling products and Dynamotion continues to grow. Dynamotion has a strong presence in the advanced via drilling marketplace which will open new doors for ESI's laser drilling products. ESI brings financial strength to Dynamotion creating new opportunities for Dynamotion products. The combination of our two product lines positions ESI as a full spectrum provider of advanced via drilling equipment."
About ESI
ESI, headquartered in Portland, Oregon, designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnect; and machine vision systems.
SOURCE Electro Scientific Industries Inc.
CO: Electro Scientific Industries Inc.; Dynamotion Corp.
ST: Oregon
IN: CPR
SU: TNM
06/09/97 17:11 EDT prnewswire.com
Now all that is left is to find out from your broker, how many shares of ESIO you have.
Bye, Everyone.
Good fortune.
Sheldon. |
