May 24, 2002 – Fremont, CA – Asyst Technologies Inc., a provider of integrated automation solutions, has signed a definitive agreement related to its previously announced planned joint venture with Shinko Electric Co. Ltd. of Japan.
Under the terms of the agreement, Asyst will acquire 51% interest in a new joint venture company, Asyst Shinko Inc. The new company will contain the automated material handling systems (AMHS) business of Shinko Electric, which will retain 49% ownership of the new entity. Asyst will pay 8.16 billion yen for its share, at a rate equivalent to 1.34 times Shinko’s AMHS sales for the year ended March 31, 2002. The transaction is expected to close on October 1, 2002, after the completion of Shinko’s current six-month fiscal reporting period.
Asyst is exploring multiple options for funding the transaction, including bank debt in Japan. The company is continuing the commercialization program for its proprietary AMHS technology, called FasTrack, which uses continuous-flow technology to transport semiconductor wafers within a fab.
Asyst anticipates that, upon closing, the Asyst Shinko and FasTrack engineering and sales teams will work cooperatively to offer customers dual-technology, optimized wafer transport, and tool loading solution.