Tuesday October 3, 5:12 pm Eastern Time
Press Release
Millipore Announces Plans to Form Two Independent
Companies Focused on Biosciences and
Microelectronics
BEDFORD, Mass.--(BUSINESS WIRE)--Oct. 3, 2000--Millipore Corporation (NYSE: MIL - news) announced today its
plans to separate into two distinct companies by making its Microelectronics business an independent, publicly traded
company. The new company, called at this time the Millipore Microelectronics company, will focus all of its efforts on serving
the fast-growing microelectronics market. Millipore Corporation will focus its efforts on serving the burgeoning biosciences
market from research through manufacturing - a market that includes genomics, proteomics, drug discovery, biotechnology and
pharmaceuticals.
Millipore is planning an initial public offering for up to 20 percent of the new Microelectronics company and intends to spin off
the remaining shares of the new company to Millipore shareholders through dividend distribution. The IPO is expected to take
place during the second calendar quarter of 2001 and the spin-off is expected to be completed during the third quarter of
2001. The separation of the businesses is subject to a number of conditions, including a favorable ruling from the IRS regarding
the tax-free nature of the transaction, the effectiveness of the Registration Statement for the new Microelectronics company
stock under applicable securities laws, accommodation of certain debt covenants with third parties, and market conditions.
C. William Zadel, Chairman, President and CEO of Millipore commented: ``We believe that we can best serve our customers
in two very different markets by creating two independent companies. Microelectronics and the life sciences market really are
different. There are different scientific disciplines, different customer buying cycles and different product life cycles. We see the
emerging technology and customer support needs over the next five years as even more distinct. Both of the new companies
will be more agile and flexible as independent entities, and will be able to drive growth and value through a strong, dedicated
market focus.''
Zadel continued: ``The timing is right: both of our businesses are profitable and have a critical mass in terms of size and market
share. As ''pure play`` companies in different industries, the new firms will have improved access to capital markets and be
easier for investors to understand and follow. We believe this is a very positive step that will benefit our customers, employees
and shareholders.''
Mr. Zadel will be the CEO of the new Microelectronics company. Francis Lunger, currently Chief Operating Officer of
Millipore will become the CEO of Millipore. To ensure a smooth transition, Mr. Zadel will serve as chairman for both
companies, which will have separate and independent boards of directors. Both businesses will remain headquartered in
Massachusetts.
About Millipore Microelectronics
Millipore's Microelectronics business is currently 35 percent of Millipore's total revenues. Millipore's Microelectronics business
serves the semiconductor industry with critical technology needed to manufacture semiconductor devices. Essentially this
technology controls the flow, purity, delivery and quality of the hundreds of process chemicals and gases used in device
manufacturing.
Millipore Microelectronics is particularly well positioned in the newer and faster-growing applications and opportunities within
the semiconductor industry, including chemical mechanical planarization (CMP), spin-on dielectrics, new copper processes,
DUV lithography and the migration to 300mm devices.
Millipore products are used directly on the different process streams within a fabrication plant, and they are also integrated into
various OEM equipment systems. Millipore recently introduced a major new product for the control of gas flow in fabrication
plants, the IntelliFlow(TM) Digital mass flow controller. Mass flow controllers are used at numerous critical points within a
fabrication plant. Millipore has also recently expanded its line of QuickChange® filters used for chemical purification that are
packaged and configured to reduce ``change-out times'' dramatically in a fab. Millipore's patented two-stage filtration and
dispense technology is now standard on the majority of photolithography tracks.
About Millipore Biosciences
Millipore's Biopharmaceutical & Research segment, comprising 65 percent of Millipore's total revenues, serves the biosciences
market, defined as research and manufacturing within the areas of genomics, proteomics, drug discovery, biotechnology and
pharmaceuticals. Several thousand devices, products and systems serve the 250,000 laboratories around the world, as well as
the 1,500 biotechnology, pharmaceutical and contract manufacturing companies. Millipore technology is used for a wide range
of applications, from protein sample preparation to vaccine sterilization to monoclonal antibody production. Recent new
products include new versions of MultiScreen® membrane-based multi-well plates for molecular biology applications, and
Opticap(TM) cartridges for biotechnology drug manufacturing. Millipore lab water systems are essential to research and
analytical laboratory work, and are the product of choice in laboratories worldwide.
Millipore also offers custom-engineered purification systems that are built and configured to fit within a manufacturing process
for pharmaceuticals and biopharmaceuticals. In addition, Millipore provides consulting and customer support services for
high-value applications. Millipore technology is particularly critical for new life science research applications in genomics,
proteomics and drug discovery, and for the sterilization and purification of new biotech therapeutics.
Webcast Conference Call
Millipore will have a live webcast about this news on October 4, 2000, 8:30 AM EDT. Go to the Millipore web site at
www.millipore.com and click on the ``investors'' button for details on this event.
About Millipore
Millipore is a multinational, high technology company that applies its purification technology to critical research and
manufacturing applications in the microelectronics and biosciences industries. For more information go to www.millipore.com.
Forward Looking Statement Disclaimer
The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are
forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties
which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking
statements. Potential risks and uncertainties that could affect the Company's future operating results include, without limitation,
foreign exchange rates; increased regulatory concerns on the part of the biopharmaceutical industry; further consolidation of
drug manufacturers; competitive factors such as new membrane technology, and/or a new method of chip manufacture which
relies less heavily on purified chemicals and gases; availability of raw materials or component products on a timely basis;
inventory risks due to shifts in market demand; change in product mix; conditions in the economy in general, and in the
microelectronics and biosciences markets in particular; potential environmental liabilities; the inability to utilize technology in
current or planned products due to overriding rights by third parties, and the risk factors listed from time to time in the
Company's filings with the SEC.
Contact:
Millipore Corporation
Geoffrey Helliwell
(781) 533 - 2032
(800) 225 - 3384
Geoffrey_Helliwell@Millipore.com
or
Thomas Anderson
(781) 533 - 2225
(800) 225 - 3384
Thomas_Anderson@Millipore.com |
