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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Sam Citron who wrote (3580)	5/6/2005 2:54:44 PM
From: Cary Salsberg	Read Replies (1) \| Respond to of 3813

RE: "NVLS has relied more heavily than AMAT on non-organic growth..." AMAT spent much more on its acquisition of a mask making tool company than NVLS did on all its acquisitions combined. AMAT bought two companies to move into inspection and measurement. Gasonics had about $100M annual sales when purchased by NVLS, I believe, and the Varian and SFAM acquisitions are just beginning to affect revenue. Peter Wolters is pretty small. I would conclude that your statement is not correct. The $1,620M forecast probably depends on significant contributions from PVD and CMP. I would consider the success of both more "organic" than not.