LTX-Credence rises from merger of two ATE vendors

LTX Corp. and Credence Systems Corp. have announced the completion of their merger, resulting in the formation of LTX-Credence Corp., a global provider of focused, cost-optimized ATE solutions. The companies combined in a tax free, all-stock merger of equals following the approval of both companies' stockholders yesterday.

Under the terms of the agreement, the former stockholders of Credence to hold 50.02 percent of the outstanding shares of the combined company and pre-merger LTX stockholders to hold 49.98 percent of the outstanding shares of the combined company.

"I am excited to announce the completion of the merger of LTX and Credence, and I am confident that the combined strengths of the two companies will create a leading provider of focused, cost-optimized ATE solutions," noted Dave Tacelli, CEO and president of LTX-Credence. "We have worked diligently to close this transaction, and have successfully completed the merger ahead of schedule."

According to Tacelli, the merger offers significant advantages for all LTX-Credence stakeholders. He said, "We believe that the combined company's financial strength, operational efficiency and growth opportunities will allow us to deliver superior value to our stockholders. Our customers will benefit from our broad portfolio of technologies, the largest installed base in the Asia Pacific, and an unmatched global network of applications and support resources. The infusion of fresh ideas and approaches across our combined employee base will not only enhance the solutions we develop for our customers, but also greatly expand opportunities for growth and leadership for our employees."

LTX-Credence will provide an update on the progress of the company's integration activities during a conference call the first full week of October. Additional details regarding the conference call will be provided as they become available.

LTX-Credence will trade on the NASDAQ Global Market under the symbol LTXC.