Jonathon,
Re: Ian, just a point of correction. You and others have confused SubMicron Systems Corp. (SUBM) with SubMicron Technology. SUBM is a manufacturer of tools for performing cleaning, etching and stripping steps in the production ICs. They are undergoing a turnaround under the former CEO of Tylan-General, David Ferran. ...
Thanks for correcting the error of my ways. I hadn't researched either of the Submicron companies; thus I made no distinction. Sounds like SUBM has some formidable competitors - AMAT, LRCX, MTSN, ...
Is their low PSR deserved? ... or do you believe there's a high probability that Dave Ferran will turn it around. Your view on this company would be appreciated.
If I remember the Tylan story, he "inherited" the business from his father, grew it by picking up the "General" side of the business, then Span. Then he brought in Goldman Sachs to fend off Danaher's hostile bid. That resulted in the company going to Millipore at $16 - a fraction of what it could have grown to, IMO.
In any case, I don't believe that Dave has turnaround experience yet. Rather he has grown successful companies, and was taken over in the first industry slowdown during his command.
Best regards and thanks again for correcting my misunderstanding,
Ian. |
