July 7, 2004 – Amtech Systems Inc. today announced that it has completed the previously announced acquisition of Japanese-owned Kokusai Semiconductor Equipment Corp.’s BTI semiconductor horizontal diffusion furnace operations and assets in the US and Europe.
Amtech paid $3.3 million in cash at the closing, assumed an estimated $0.3 million in liabilities, and will make future payments of up to $1 million, contingent upon the consumption of inventories transferred at the closing, resulting in a transaction value of between $3.6 million and $4.6 million.
Amtech acquired, through transfer of title or licensing agreements, all of the tangible and intellectual property assets used in the KSEC’s horizontal diffusion furnace business, including APEX Process Management Software. However, excluded from the transaction were the personnel and assets used in KSEC’s selling, general and administrative functions.
As a part of the transaction, Amtech acquired approximately 13 of KSEC’s employees, including two that reside in Europe. Amtech intends to continue to operate KSEC’s horizontal furnace business out of its current location in North Billerica, MA, and through Tempress Systems Inc. in Europe.
KSEC is a subsidiary of Hitachi Kokusai Electric Inc.