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Intevac to sell thermal process business to Photon

Posted: 28 Oct 2002 ?? ?Print Version ?Bookmark and Share

Keywords:rapid thermal processing capital equipment? yield management solutions? display?

Intevac Inc. has signed an asset purchase agreement to sell its rapid thermal processing capital equipment (RTP) business to Photon Dynamics Inc., a supplier of integrated yield management solutions for the display, electronics, and glass markets. The RTP business was acquired for $20 million in cash.

The transaction is structured as an asset purchase and contemplates the relocation of the RTP business to Photon Dynamics' facility in San Jose, California. The deal is expected to be concluded by early November of 2002, and is contingent on certain customary closing conditions.

"The sale of the RTP business to Photon Dynamics will significantly improve our balance sheet and allow us to focus more effectively on the development of our Intensified Imaging business which has significant growth potential," Kevin Fairbairn, Intevac's CEO said.

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