There goes YieldUP ...
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Story posted 3:30 p.m. EST/12:30 p.m., PST, 1/22/99
FSI to acquire YieldUP,
expanding its cleaning solutions
MINNEAPOLIS--FSI International Inc. here said today it has made a definitive agreement to acquire YieldUP International Corp. of Mountain View, Calif. YieldUP has also granted FSI a royalty-bearing license to its patents.
The merger brings together YieldUP's innovative cleaning, rinsing and drying equipment with FSI's wafer surface conditioning and chemical management technology, enabling FSI to offer a "total cleaning solution," according to Joel Elftmann, FSI's chairman and CEO. "
"The acquisition of YieldUP complements FSI's spray, vapor and cryokinetic cleaning technologies," said Elftmann. "FSI is obtaining unique technologies that represent the immersion critical cleaning needs of the future."
YieldUP will operate as the immersion systems group of the FSI Surface Conditioning Division. Raj Mohindra, the current president and CEO of YieldUP, will be vice president and general manager of the group and report to Dale A. Courtney, president of FSI's Surface Conditioning Division.
YieldUP shareholders will receive $0.7313 and 0.1567 of a share of FSI common stock for each share of YieldUP stock. YieldUP option holders will receive substitute options entitling them to purchase FSI common stock. The transaction depends upon certain closing conditions including, among other things, approval by the shareholders of YieldUP.
FSI and YieldUP anticipate the transaction will be completed in late April or early May.
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