ATMI Completes NOW Technology Acquisition; Issues 1.6 Million Shares in Pooling Transaction
DANBURY, CT and MINNEAPOLIS--(BUSINESS WIRE)--Aug. 5, 1998--ATMI, Inc. (Nasdaq: ATMI), today announced the successful completion of its NOW Technologies acquisition, following NOW shareholder approval.
In this pooling of interests transaction, ATMI issued approximately 1.6 million common shares to NOW shareholders. Terry Nagel, a NOW Technologies co-founder and former President, has been appointed President of ATMI's new NOW subsidiary.
Gene Banucci, ATMI CEO, said, "ATMI's goal is to be a leader in each semiconductor sector we serve. With the addition of NOW to our portfolio of companies, ATMI believes it is the world leader in unique semiconductor materials delivery systems, including not only the NOWPak(R) materials systems, but also the NovaSource SDS(TM) Gas Source and ADCS bulk liquid distribution systems."
Terry Nagel, NOW President, said, "Joining the ATMI family of semiconductor companies is a great growth opportunity for NOW. We gain additional distribution, marketing, and sales opportunities, and we will be able to tap into high purity packaging of more semiconductor materials, broadening our base beyond photoresists."
Dan Sharkey, ATMI CFO, said, "ATMI will take a one-time charge of approximately $3 million in the third quarter of 1998. This will cover the costs of completing the NOW transaction, and the costs pertaining to certain consolidation and restructuring actions taken earlier in the quarter, in response to the effects the softening semiconductor industry has had on our businesses."
NOW manufactures and distributes semiconductor materials packaging systems-based on its patented NOWPak system-which is broadly used in packaging advanced photoresist materials. NOW has approximately 90 employees and is based in Bloomington, Minnesota. NOW's revenues during the first six months of 1998 were approximately $6.0 million.
ATMI provides products and services for semiconductor device manufacture, including thin film materials and delivery systems marketed through ADCS, environmental equipment marketed through EcoSys, thin film deposition services marketed through Epitronics, sub-atmospheric gas delivery systems marketed through NovaSource, and high-purity materials packaging systems marketed through NOW. |
