sultan.
as if you didn't already know ...
thumbs up?
-chris.
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PRI Automation Completes Acquisition of Promis Systems Corporation Ltd.
PR Newswire - March 03, 1999 12:24
BILLERICA, Mass., March 3 /PRNewswire/ -- PRI Automation, Inc. (Nasdaq: PRIA), a leader in semiconductor factory automation, announced today it had completed the acquisition of Promis Systems Corporation Ltd. a leading developer of Manufacturing Execution Systems (MES) software solutions for semiconductor and precision electronics manufacturers.
In connection with the acquisition, which is to be accounted for as a pooling of interests, Promis Systems will issue 0.1353 exchangeable shares for each outstanding Promis common share. The exchangeable shares, which will commence trading on The Toronto Stock Exchange (TSE) on Thursday, March 4, 1999 under the symbol "PRJ", may be exchanged at any time for an equivalent number of shares of PRI stock. Promis Systems, a Toronto based company, has become a wholly-owned subsidiary of PRI Automation.
"The acquisition of Promis Systems has generated considerable positive excitement," said Mitch Tyson, president and chief executive officer of PRI Automation. "We believe our customers and trade analysts will immediately recognize the potential benefits of this combination. With Promis Systems' leading products and deep software domain expertise, PRI now has the critical hardware and software components to provide a complete wafer flow logistics management solution to optimize the flow of wafers throughout the fab. We believe by integrating these components into a complete system, PRI can offer customers a more integrated and optimized solution that will improve the productivity of their manufacturing environment."
"Promis Systems and PRI Automation have successfully worked together on numerous projects for years, so combining our two companies is a logical progression in providing incremental value to our customers as we go forward," said Ian McKinnon, president and chief executive officer of Promis Systems. "Shareholders, employees, and customers will all benefit from this partnership."
Promis Systems will become the core of the PRI Software Division responsible for all of PRI Automation's software products, including its own Promis Encore!(R) and PROMIS(R) MES, TransNet(TM), PRI's material control software, and the Leverage(TM) suite of advanced planning and scheduling software products. Ian McKinnon will become vice president and general manager of PRI's Software Division, based in Toronto. In his new role, Mr. McKinnon will report directly to Mitch Tyson. |
