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Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
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To: Henry Eichorszt who wrote (1533)7/16/1998 12:49:00 AM
From: Alan Gallaspy  Read Replies (1) of 3813
 
It is my understanding that Novellus works with Lam in order to provide etch and with Integrated Processes to provide chemical mechanical planarization (CMP). Together, the three of them are able to provide IBM with a tool set for the much touted copper damascene processes.

What I am wondering, is Novellus playing the field with CMP vendors? They have teamed up with IPEC over Lam's OnTrak CMP tools. Is that because the OnTrak CMP tools are not up to the job, or because Novellus happened to be working with IPEC before the OnTrak acquisition by Lam? And what about SpeedFam? I noticed that Novellus CEO Hill is on the SFAM board of directors.

The reason I am ruminating about CMP is I am wondering what mergers make sense for Novellus.

What about Lam? Novellus obviously likes their etch systems; but what about the rest of Lam, their plasma CVD tools and their OnTrak CMP tools? Is their too much overlap between Lam and Novellus for a merger of the two to make sense?

What about IPEC? Now that is a more manageable chunk, about $200 million as opposed to about $750 million LRCX market cap, without all the extra stuff that Novellus does not need.

What about a mega 3-way (read AMAT competitor) merger between all three? Is SpeedFam out of the picture? How about some other etch vendor? GaSonics, Mattson, I think Trikon is still around, PlasmaTherm, Tegal? Would any of these be worth picking up for their etch capability?
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