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Entegris to take over Mykrolis in

Posted: 25 Mar 2005 ?? ?Print Version ?Bookmark and Share

Keywords:semiconductor manufacturing? mykrolis?

Semiconductor manufacturing equipment and materials companies Entegris Inc. and Mykrolis Corp. have agreed to merge in a transaction that is expected to create a company valued at $1.3 billion, the companies said Monday (Mar. 21).

The combined company will be known as Entegris Inc. with Gideon Argov, currently chief executive officer of Mykrolis, serving as CEO and James Dauwalter, currently CEO of Entegris, serving as non-executive chairman of the board of directors, the companies said. The transaction is expected to close in the third quarter with Entegris shareholders owning approximately 56 percent of the combined enterprise and current Mykrolis shareholders owning approximately 44 percent.

With combined annual sales for 2004 of $650 million and a net income of $75 million, the company would be focused on purifying, protecting and transporting critical materials, such as liquids, gases, wafers and components. Under the terms of an agreement approved unanimously by the boards of directors of both companies Entegris and Mykrolis are set to merge in a stock-for-stock exchange in which Mykrolis shareholders would receive 1.39 shares of Entegris common stock for every share of Mykrolis common stock they hold.

Other executive appointments would see Jean-Marc Pandraud, currently president and COO of Mykrolis, serving the new Entegris as executive vice president and chief operations officer; Michael Wright, currently president and COO of Entegris becoming executive vice president and chief marketing officer; John Villas, currently CFO of Entegris, serving as CFO and Bertrand Loy, currently Mykrolis' CFO, serving as senior vice president and chief integration officer.

Entegris would be based in Chaska with continued activities in Billerica.

"This merger of equals offers considerable strategic, operating, technological and financial synergies. For example, more than 60 percent of the sales of the combined company will come from consumable products, which should enhance our ability to navigate through industry and economic cycles. I am personally delighted that Mykrolis, an outstanding and successful organization which I joined as CEO last November, will itself be joining forces with an equally outstanding and successful enterprise," said Argov, chief executive officer of Mykrolis, in a statement.

- Peter Clarke

EE Times

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