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Technology Stocks : Varian Semiconductor Equipment Associates -- VSEA
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To: BMcV who wrote (1491)12/20/2001 8:51:41 AM
From: Proud_Infidel   of 1929
 
Varian Semiconductor to receive Lam payments in patent suit settlement
Semiconductor Business News
(12/20/01 08:38 a.m. EST)

GLOUCESTER, Mass.--Varian Semiconductor Equipment Associates Inc. here today announced it has settled a patent infringement lawsuit with Lam Research Corp., which has agreed to pay Varian $20 million and issue a warrant for the purchase of 2 million shares of Lam's common stock at a value of $42.6 million.

In return, Varian Semiconductor said Lam Research in Fremont, Calif., will receive a nonexclusive license for patents in the dispute.

The agreement calls for Fremont, Calif.-based Lam to pay $5 million upon signing the licensing agreement, with the warrant covering Lam's use of the technology in 2000 and earlier, according to the Gloucester supplier of implantation systems. Quarterly payments totaling the balance of $15 million will be paid over the next three years for the licensed patents. As part of the full and final settlement, the two companies said they have agreed to dismiss all pending claims and counterclaims.

Varian Semiconductor said it will record a substantial one-time non-recurring royalty income in the current fiscal quarter, which ends Dec. 28, as a result of the receipt of warrants and the first $5 million payment.

"We are pleased to have arrived at an amicable resolution with Lam that is consistent with our business objectives," stated Richard A. Aurelio, chairman and chief executive officer of Varian Semiconductor.
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