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Technology Stocks : SatCon Technology (SATC) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (402)	10/2/2002 3:02:06 PM
From: Jim Oravetz	Read Replies (2) \| Respond to of 440

Sipex Sells Hybrid Business to SatCon Online staff -- Electronic News, 10/1/2002 Analog IC maker Sipex Corp. today announced it has sold its thin film and hybrid assembly business to SatCon Electronics Inc., a division of SatCon Technology Corp. The sale is part of Sipex’s plan to exit the assembled products business. SatCon will acquire the hybrid business’ equipment and inventory and SatCon is expected to continue to service the existing customers of Sipex’s hybrid business. The financial value of the deal was not disclosed, although Sipex said payment for the assets purchased by SatCon are deferred for up to three years. Payment would be made from the proceeds from future sales of equipment and inventory included in the sale, the company said. "We are pleased to have acquired Sipex’s hybrid line and are looking forward to serving new and old customers for military and custom hybrids," said David Eisenhaure, SatCon’s president and CEO, in a statement. Last month Sipex said it would close its 4-inch wafer plant in San Jose, cutting 50 jobs.