Oct. 17, 2002 – Fremont, CA – Asyst Technologies Inc., a provider of integrated automation solutions, has completed its acquisition of 51% of Asyst-Shinko Inc., a Japanese joint venture company formed from the carve-out of the automated materials handling systems (AMHS) division of Shinko Electric Co. Ltd.
In accordance with the definitive agreement signed in May, Asyst paid cash of 8.16 billion yen, ($65.7 million) for its interest in the JV.
Asyst funded its purchase through a $25 million credit facility, a $20 million payment for certain inventory related to its outsourcing of manufacturing, and available balances of cash and short-term investments.
The cash being paid for the Asyst-Shinko JV interest will compensate Shinko Electric and its shareholders for the transfer of AMHS assets into the JV. These assets include cash and other working capital, and the JV will have no debt.
The company expects Asyst-Shinko to be self-funding for working capital and capital expenditures.