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Technology Stocks : Silicon Valley Group
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To: A. Wayne who wrote (2098)5/5/1999 9:16:00 AM
From: SemiBull  Read Replies (1) of 2946
 
Watkins-Johnson sells chip unit to Silicon Valley

PALO ALTO, Calif., May 3 (Reuters) - Watkins-Johnson Co.
(WJ - news) said Monday it had signed a definitive agreement to
sell its semiconductor equipment group to Silicon Valley Group
Inc. (SVGI - news) for $50 million, including $20 million in debt
assumption.

The wireless communication company said in a statement that the sale completed the selloff of its entire semiconductor equipment group.

Under its agreement with Silicon Valley, Watkins-Johnson is selling its semiconductor equipment business associated with the atmospheric pressure chemical vapor deposition products and related real estate.

The $20 million in debt secures the land, building and equipment in Kawasaki, Japan. The sale is expected to be completed by the end of June.

Watkins-Johnson has also sold part of its semiconductor equipment group assets - high-density plasma chemical-vapor-deposition equipment and its associated intellectual property assets - to Applied Materials Inc. (AMAT - news).

That March 29 sale generated a $9 million second-quarter 1999 gain for Watkins-Johnson.

''We are pleased with the total value for our semiconductor equipment business that we will attain with the close of this transaction,'' said W. Keith Kennedy, president and chief executive.

On March 1, Watkins-Johnson said its board had decided to pursue the sale of the company.
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