ATMI Sells Gallium Nitride Business to Cree
26 March 2004 - 12:00AM
PR Newswire (US)
ATMI Sells Gallium Nitride Business to Cree DANBURY, Conn., March
25 /PRNewswire-FirstCall/ -- ATMI, Inc. , a supplier of materials
and materials packaging to the world's leading semiconductor
manufacturers, today announced it entered into a definitive
agreement to sell its gallium nitride substrates and epitaxy
business to Cree, Inc. of Durham, North Carolina, subject to
customary closing conditions and certain third party approvals.
Gene Banucci, ATMI Chief Executive Officer said, "The sale of our
gallium nitride business is the first element of the planned
disposition of ATMI's six Technologies businesses. We feel very
good about the results of this process for several reasons. It's a
good deal for ATMI strategically, and it's probably an even better
deal for Cree. As importantly, the employees of our gallium nitride
business believed that Cree would be a great home for the business,
and we are gratified that we were able to make this a reality." Dan
Sharkey, ATMI Chief Financial Officer,said, "This is a cash deal,
which represents a modest premium over book value. We will
recognize the gain for this disposition of a discontinued operation
upon closing, which we expect to happen in the next couple of
weeks." ATMI provides specialty materials and materials packaging
to the worldwide semiconductor industry. As The Source of
Semiconductor Process Efficiency, ATMI helps customers improve
wafer yields and lower operating costs. For more information,
please visit atmi.com. Statements contained herein that relate to
ATMI's future performance, including, without limitation,
statements with respect to ATMI's anticipated results of operations
or level of business for 2004, or any other future period, are
forward-looking statements within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
are based on current expectations only, and are subject to certain
risks, uncertainties, and assumptions, including, but not limited
to: changes in semiconductor industry growth; ATMI's markets or
customer interest in ATMI's products; competition, problems, or
delays developing and commercializing new products; problems or
delays in integrating acquired operations and businesses into ATMI;
technological changes affecting the competencies of ATMI; problems
or delays associated with any restructuring and proposed
divestiture activities; unanticipated internal and/or third-party
delays; and other factors discussed in ATMI's filings with the
Securities andExchange Commission. Such risks and uncertainties
could cause actual results to differ from those projected. ATMI
undertakes no obligation to publicly update or revise any
forward-looking statements, whether because of new information,
future events orotherwise. DATASOURCE: ATMI, Inc. CONTACT: Dean
Hamilton of ATMI, Direct, +1-203-207-9349, or +1-203-794-1100
x4202, Web site: http://www.atmi.com/
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