November 16, 2004 – Honeywell has acquired Mitsubishi Chemical America’s 40% stake in GEM Microelectronics Materials, said Honeywell, giving the company sole ownership of the venture, which manufactures chemicals for the semiconductor industry. Financial terms of the deal were not disclosed.
GEM Microelectronics Materials was formed in 2001 when Mitsubishi and Honeywell combined their wet- process chemicals businesses. The business has annual revenues of $40 million.
The business’ core competency is its ultra-high purity straight, wet-etch, and cleaning chemistries. The business has also recently expanded its product portfolio to include performance cleans, ultra- high selective etchants, and wafer-thinning products.
The GEM Microelectronics Materials business has headquarters and manufacturing facilities in Chandler, AZ, as well as manufacturing operations in Bryan, and Mansfield, TX. Honeywell intends to discontinue use of the GEM name and market the products under its Honeywell Electronic Materials business, which employs approximately 1200 people.