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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?


To: Proud_Infidel who wrote (5655)12/10/2007 8:29:30 PM
From: Kirk ©  Read Replies (1) | Respond to of 5867
 
I wonder how SEZ fits into Lam's strategy. It is nice to see LRCX buying cheap stocks rather than our shares get taken out now by private equity.

SEZ Holding AG is manufacturer and supplier of single-wafer, wet-processing solutions for the global semiconductor industry. SEZ's products are used for the wet chemical surface preparation of wafers (silicon or gallium arsenide) within the scope of microchip production. The Company also develops and markets products based on its own single wafer Spin-Process technology, as well as a complete portfolio of water surface preparation applications. SEZ Holding is headquartered in Zurich, Switzerland, and maintains development, manufacturing, sales, marketing and service operations in Europe, Asia and North America.


Ratios
SEZN.S Industry
P/E (TTM) 15.53 27.22
P/S (TTM) 1.09 6.35
ROI (TTM) 5.30 14.83
ROE (TTM) 6.08 16.81


P/E and P/S look good.

Single wafer processing should be where the growth is but LRCX tried to grow into CMP so I hope this turns out better.



To: Proud_Infidel who wrote (5655)12/10/2007 10:43:27 PM
From: etchmeister  Read Replies (1) | Respond to of 5867
 
Resist Strip Products
(though a completely dry process would be desirable it often does not cut it; often a combination of wet/dry is required.)

Lam offers integrated strip modules that remove the photoresist following metal and silicon etch for both 200 millimeter and 300 millimeter wafer manufacturing. Stripping the resist on the same system prevents exposure to air, protecting the wafers from corrosion.

For 65 nanometer technologies and below, resist stripping after ion implantation is a critical step because of the difficulty in fully cleaning resist residues without removing too much of the silicon. Lam has extended its silicon etch product line used in combination with a microwave resist stripper for both 200 millimeter and 300 millimeter wafer processing.

Cleaning Process

Lam provides technologies that address the damage concerns of wafer cleaning at sub-65 nanometer, allowing chemical cleaning to be extended to future technology nodes. Based on the 2300 Etch platform, Lam's products are designed to offer cleaning capability for sub-65 nanometer technologies. Lam's Confined Chemical Cleaning technology provides a short chemical exposure time that limits contact with device structures, thereby lowering the risk of damage. In addition, the short exposure time allows flexibility in selecting cleaning chemicals for removal of process residues.

Lam offers bevel clean modules that remove films on the edge of the wafer using edge confined plasma technology. For 65 nanometer technologies and below, a primary source of device yield limiters are coming from defects transferred from the wafer edge. During device patterning, complex interactions of film deposition, lithography, etching and chemical mechanical polishing (CMP) result in a range of unstable film stacks on the wafer edge. In subsequent steps these film layers can produce defects that are transported to the device area of the wafer. Removal of these films at select points in the integration flow results in reduced defects and higher device yields. Lam's edge confined plasma provides customers with the latitude to control the wafer edge at multiple steps during the device fabrication process. Plasma processing can remove a range of films with precise control of the processing zone.
The Company competes with Tokyo Electron, Ltd. and Applied Materials, Inc.

SEZ Holding Welcomes Planned Acquisition by Lam Research

Public tender offer expected to be launched beginning of January 2008

ZURICH, Switzerland, Dec. 10 /PRNewswire/ -- The SEZ Group (SWX Swiss
Exchange: SEZN) today announced that its Board of Directors has signed a
binding transaction agreement with Lam Research Corporation (Nasdaq: LRCX),
headquartered in Fremont, Calif., U.S. In line with the transaction
agreement, Lam Research intends to launch a public tender offer for all
outstanding shares of SEZ at Swiss Francs (CHF) 38.00 per SEZ registered
share. After a thorough review of the proposed transaction, SEZ's Board of
Directors has unanimously concluded that the planned acquisition by Lam
Research is in the best interest of all SEZ stakeholders and will
positively benefit the sustainable development of SEZ's leading market
position. The Board of Directors, therefore, fully supports the proposed
tender offer. The offer shows an attractive premium of 53.8% to the volume-
weighted average share price over the past 60 trading days. Full details of
the tender offer will be disclosed in the offer document, expected to be
published in early January 2008. The offer is expected to close in March
2008.

"The offer to be a part of Lam Research Corporation is an exceptional
opportunity that will help us realize the full potential of SEZ's
technology," said Egon Putzi, SEZ's chairman and chief executive officer.
"Lam's focus on developing leading-edge technology, providing best-in-class
customer value and leveraging the full range of their global resources has
made them one of the world's largest and most successful equipment
providers."

Kurt Lackenbucher, SEZ's chief operating officer, added, "We believe
that combining SEZ's leading single-wafer technology with Lam's innovative
linear- clean and plasma technologies will provide manufacturers with a
significant competitive advantage. SEZ's management team is convinced this
combination will create immense value by delivering new capabilities to our
customers that will unlock significant growth opportunities for all
involved."


Today, both companies serve a common customer base, providing leading
and complementary technologies and solutions. The combination is aimed at
creating a true technology and market leader in the single-wafer cleaning
market, providing semiconductor manufacturers with the best-of-breed,
comprehensive technology portfolio required to meet their future
manufacturing needs. Delivering a broader equipment portfolio will also
accelerate future growth and innovation. Under the terms of agreement,
following the transaction's closure, SEZ will become a new division within
Lam with capabilities focused around single-wafer cleaning technology. The
entire SEZ executive team has committed to remain with the company.

Media and Analyst Conference

Tuesday, December 11, 2007 at 2:00 p.m. (CET), the SEZ Group and Lam
Research will host a media and analyst conference to discuss the planned
acquisition at Hotel Savoy Baur en Ville; Paradeplatz, Zurich. In case you
are not able to attend personally, you can dial in via: +41 (0) 91 610 56
00 (International)

About Lam Research

Lam Research Corporation, one of Fortune magazine's "100
Fastest-Growing Companies" in 2006 and 2007 is a major supplier of wafer
fabrication equipment and services to the world's semiconductor industry
and market share leader in plasma etch. Lam Research's common stock trades
on The NASDAQ Global Select Market(SM) under the symbol LRCX. Lam Research
is a NASDAQ-100(R) company. Additional information about the company is
available on the Internet at lamresearch.com.

About SEZ Group

The SEZ Group is the leading provider of single-wafer, wet-clean
processing solutions for the semiconductor industry, with an installed base
of over 1,200 tools. The company maintains operations in Asia Pacific,
Europe, Japan and North America. Since 1996, registered shares of SEZ
Holding Ltd. have been traded on the SWX Swiss Exchange under the symbol
SEZN. Additional information about the company is available on the Internet
at sez.com.

Cautionary note on forward-looking statements

Certain statements contained herein are forward looking. These
statements provide current expectations of future events based on certain
assumptions and include any statement that does not directly relate to a
historical fact or current fact. Forward-looking statements typically are
identified by words or phrases such as "anticipate", "assume", "believe",
"continue", "estimate", "expect", "foresee", "intend", "may increase" and
"may fluctuate" and similar expressions or by future or conditional verbs
such as "will", "should", "would" and "could". These forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause SEZ's actual results, performance, achievements or
prospects to be materially different from any future results, performance,
achievements or prospects expressed or implied by such statements. Such
factors include, among others:

-- the impact of significant investments, acquisitions or dispositions,
and any delays, unexpected costs or other issues experienced in
connection with any such transactions, including in the case of
acquisitions, issues arising in connection with integrating acquired
operations;
-- cyclicality of the global semiconductors industry;
-- changes in general economic conditions, particularly in our core
markets;
-- technological developments;
-- changes in general economic trends;
-- changes in management and/or company structure;
-- the performance of financial markets;
-- political risks in the countries in which we operate;
-- extraordinary events affecting our clients, such as bankruptcies and
liquidations;
-- risks associated with implementing our business strategy;
-- changes in currency exchange rates;
-- changes in interest rates;
-- changes in laws and regulations, including changes in accounting
standards and taxation requirements; and
-- changes in competitive pressures.

These factors are not exhaustive. We operate in a continually changing
environment and new risks continually emerge. Readers are cautioned not to
place undue reliance on forward-looking statements. We undertake no
obligation to publicly revise or update any forward-looking statements,
whether as a result of new information, future events or otherwise.