Brooks-PRI Automation Strengthens OEM Offering with Definitive Agreement To Acquire Berkeley Process Control
Proposed acquisition expected to close by calendar year end and be accretive one full quarter later.
Thursday September 19, 9:24 am ET
CHELMSFORD, Mass., Sept. 19 /PRNewswire/ -- Brooks-PRI Automation, Inc. (Nasdaq: BRKS - News), which delivers total automation for the semiconductor industry, today announced that it has signed a definitive agreement to acquire privately held Berkeley Process Control, Inc., a leader in motion and machine control technologies, in exchange for 614,374 shares of Brooks-PRI stock. These shares are subject to adjustment depending upon the performance of Berkeley in the quarter ended December 31, 2002. The purchase method of accounting will be used to account for the transaction, which is expected to close by calendar year end and be accretive to Brooks-PRI in the first full quarter after its completion.
Berkeley Process Control is known for its innovative technology and strong customer relationships. Its patented Autocalibration(TM) technology recently was awarded 300 mm system control design wins by two of the largest tool manufacturing companies in the semiconductor capital equipment industry.
"The multiple learning cycles that Berkeley Process Control has gained in their 21-year history will be invaluable to Brooks-PRI," said Chuck McKenna, Executive Vice-President of Brooks-PRI's Equipment Automation Group. "Their innovative machine, I/O and motion control technology further strengthens our ability to deliver integrated system solutions for semiconductor OEM's. In addition, Berkeley's product offerings in equipment automation for other industries will provide Brooks-PRI with new entry points into the broader general automation market."
Paul Sagues, President of Berkeley Process Control, noted "In an industry where time-to-market is everything, our customers really value Berkeley's technology. Our control products let customers incorporate improvements in machine control more efficiently which in turn leads to faster installation of machines, thereby delivering semiconductor equipment to market faster and at reduced cost. For example, our patented Autocalibration(TM) technology allows a robot to precisely locate system objects without the need for operator assistance, reducing the time-consuming calibration process from hours or even days to just a few minutes."
About Berkeley Process Control
Berkeley Process Control, Inc. (Berkeley), of Richmond, CA, a privately held company founded in 1981, is a leader in integrated motion and machine control technologies. This technology rich company has helped revolutionize production in such diverse high-growth industries as telecommunications/optical fiber, semiconductor equipment, and industrial automation. Berkeley's unique and comprehensive controls architecture enables state-of-the-art machine designs for today's automated factories. This high level of integration facilitates faster time to market and greater machine productivity and reliability for original equipment manufacturers. For more information, visit berkeleyprocess.com.
About Brooks-PRI Automation, Inc.
Brooks-PRI (Nasdaq: BRKS - News) delivers total automation. The company's hardware, software and services can manage every wafer, reticle and data movement in the fab, helping semiconductor manufacturers accelerate time-to- market while reducing their risk. Brooks-PRI products are used in virtually every fab in the world. For information, visit brooks-pri.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The foregoing discussion contains forward-looking statements related to the anticipated benefits, operational efficiencies and future financial results of the acquisition of Berkeley Process Control, Inc. Brooks-PRI Automation, Inc. (the "Company") cannot guarantee that the acquisition will be completed due to the risks and uncertainties relating to the ability to satisfy the conditions to the closing of the acquisition. Even if the acquisition is completed, the forward-looking statements involve additional known and unknown risks and uncertainties including, without limitation, risks relating to the benefits of the acquisition of Berkeley Process Control, Inc. by the Company, risks relating to the ability of the Company to integrate Berkeley Process Control in a cost effective, timely manner, the continued success of the Company in the marketplace, the Company's ability to capitalize on Berkeley Process Control's technology, the financial contribution of the acquired business, the Company's dependence on the cyclical semiconductor industry, the highly competitive nature and rapid technological change that characterize the industries in which the Company competes, and other risks and uncertainties described in the Company's reports and registration statements filed with the Securities and Exchange Commission. As a result, there can be no assurance that the Company's future results will not be materially different from those projected. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. |
