August 27, 2007 – Nanometrics says it has completed the sale of facilities in Narita, Japan, related to the flat-panel display business that it sold in 2005 and “had sat unutilized” ever since. Also sold was a residential condo near the company’s headquarters in Milpitas, CA. Together the sales will add about $2 million in cash and both reduce debt and add income of approximately $1.2 million in 3Q07.
Tim Stultz, the newly appointed president/CEO of Nanometrics, pointed out the asset sales represent another example of the company monetizing fixed assets and getting rid of noncritical businesses, citing the recent sale of its machining and plating shop.
In the past year the company has also sold off its Yosemite CD-SEM and DiVA product lines, consolidated its overlay metrology production in Korea, and seen former CEO John Heaton and CFO Dave McCutcheon leave the company.