ESI Announces the Acquisition of MicroVision Corporation
PORTLAND, Ore., Feb. 1 /PRNewswire/ -- Electro Scientific Industries, Inc. (Nasdaq: ESIO - news) announced the acquisition of MicroVision Corporation. The terms of the acquisition include exchanging 1.02 million shares of ESI common stock for all of the capital stock of MicroVision and certain business assets utilized by the company. The transaction will be accounted for as a pooling-of-interests.
MicroVision, headquartered in Minneapolis, MN., offers a comprehensive line of integrated, vision-based inspection and automation solutions for use in semiconductor front-end and back-end applications. Revenue for the year ending December 31, 1998 was $14 million.
''With the addition of MicroVision, we continue our strategy of entering new markets based on ESI's strengths,'' said Donald R. VanLuvanee, ESI President and Chief Executive Officer. ''Adding MicroVision's proven products and talented management team in Minneapolis to ESI gives us an even stronger position in the machine vision marketplace.''
''For over ten years, MicroVision has been a successful company, providing high value inspection and automation products to semiconductor manufacturers,'' said Tom Randgaard, President of MicroVision. ''By teaming up with ESI, MicroVision will have broader financial and technological resources and the global infrastructure, to be the leading supplier of vision based manufacturing solutions for the electronics industry.''
About MicroVision
Micro Vision was founded in 1987 and provides front-end wafer sort, inspection and handling products and back-end IC package inspection and handling equipment. Customers include Motorola, Lucent, SGS Thompson, National Semiconductor, Amkor/Anam, Samsung, White Oak Semiconductor and Cypress Semiconductor.
About ESI
ESI, headquartered in Portland, Oregon, designs and manufactures sophisticated products used around the world in electronics manufacturing including: laser manufacturing systems for semiconductor yield improvement; production and test equipment for the manufacture of surface mount ceramic capacitors; laser trim systems for precise electrical tuning of circuits; precision laser and mechanical drilling systems for electronic interconnection; and machine vision systems. Electro Scientific Industries is traded on the Nasdaq National Market System under the symbol, ''ESIO.'' ESI's web site is esi.com.
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