October 27, 2009 – A Delaware bankruptcy court has approved the sale of Electroglas’ wafer probe assets, including name and trademarks, to private financial group EG Systems — formed specifically for this purpose — for an undisclosed amount. Most employees and management have moved over, led by new president/CEO Raj Kaul, who is also president/CEO of Kensington Labs, another semiconductor automation firm (acquired by Newport in 2001 and sold in 2005).

The company plans to continue to support Electroglas’ new wafer prober systems as well as its installed base of 16,500+ systems (300mm, 200mm, and legacy) with spares, upgrades, service, and application support. Refocusing on the customers will be the key to making Electroglas successful again, Kaul noted in a statement. "Foremost, we will be bringing the company’s focus back to concentrate on our worldwide customer base, which understandably was unclear during the turbulent financial times for the company and the industry in general," he said.

Formfactor bought the company’s motion-control business a few weeks ago.