Cleveland, Ohio–Eaton Corp. has completed the spin-off of its semiconductor equipment operations into a wholly owned subsidiary, Axcelis Technologies, Inc., based in Beverly, Massachusetts.
In April 2000, Eaton announced plans to reorganize its semiconductor equipment operations and spin-off Axcelis. After distributing shares of Axcelis common stock as a dividend on each Eaton common share outstanding on December 6, 2000, Eaton no longer owned any Axcelis shares. Axcelis is now a fully independent, publicly traded company.
Axcelis is a leading producer of ion implantation equipment used in the fabrication of semiconductors. The company also produces dry strip, photostabilization, and rapid thermal processing equipment used in semiconductor manufacturing.