CHELMSFORD, Mass., June 18, 2019 /PRNewswire/ -- Brooks Automation,
Inc. (Nasdaq: BRKS) announced today that all required regulatory
approvals, including the approval of the Committee on Foreign
Investment in the United States
(CFIUS), have been obtained with respect to the sale of the
company's semiconductor cryogenics business to Edwards Vacuum LLC (
a member of the Atlas Copco Group). Brooks expects that the sale
will close on or about July 1,
2019.
Steve Schwartz, president and
CEO, commented, "We are pleased with the completion of the
regulatory hurdles in the sale of the cryogenics business. We have
worked closely with Atlas Copco in preparations to complete this
transaction and for a smooth transition for the employees and
customers of the business. The proceeds from the sale are expected
to be used to reduce the debt on our balance sheet and to support
continued investment in our continuing business with a primary
focus on accelerating growth in Life Sciences."
Deal Background
In August 2018, Brooks entered
into a definitive agreement to sell its semiconductor cryogenics
business to Atlas Copco for $675 million in cash, subject
to adjustments for working capital and other items. The
semiconductor cryogenics business, consisting of the CTI and
Polycold product lines and related services, provides a wide range
of high-performance cryogenic products for the semiconductor,
display, and general vacuum industries.
Brooks originally acquired the cryogenics business in its 2005
merger with Helix Technology and integrated the business into
Brooks' Chelmsford, Massachusetts headquarters
operations. The sale agreement provides for the transfer of
the CTI pump business, the Polycold chiller business, the related
services business and the company's 50% share in Ulvac Cryogenics,
Inc., a joint venture based in Japan. Brooks is not
transferring products or IP developed as part of its Life Sciences
segment or vacuum automation portfolio in its Semiconductor
Solutions segment.
About Brooks Automation
Brooks is a leading
provider of life science and semiconductor manufacturing automation
solutions worldwide. The Company applies its automation and
cryogenics expertise to provide a full suite of reliable cold-chain
sample management solutions across life sciences in areas such as
drug development, clinical research and advanced cell
therapies. Brooks recently added global capability for gene
sequencing and gene synthesis services through its strategic
acquisition of GENEWIZ, expanding its sample-based services
offerings. With over 40 years as a partner to the
semiconductor manufacturing industry, Brooks is a provider of
industry-leading precision robotics, integrated automation systems
and services. Brooks is headquartered in Chelmsford, MA, with operations in
North America, Europe and Asia. For more information, visit
www.brooks.com.
"Safe Harbor Statement" under Section 21E of the Securities
Exchange Act of 1934
Some statements in this release are forward-looking statements
made under Section 21E of the Securities Exchange Act of 1934.
These statements are neither promises nor guarantees but involve
risks and uncertainties, both known and unknown, that could cause
Brooks' financial and business results to differ materially from
our expectations. They are based on the facts known to management
at the time they are made. These forward-looking statements
include, but are not limited to, statements about expected timing
of completion of the sale of the Company's cryogenics business, the
benefits to the Company of the sale and the expected uses of the
proceeds from the sale. Factors that could cause results to differ
from our expectations include the following: the volatility
of the industries the Company serves, particularly the
semiconductor industry; our possible inability to meet demand for
our products due to difficulties in obtaining components and
materials from our suppliers in required quantities and of required
quality; the inability of customers to make payments to us when
due; the timing and effectiveness of cost reduction and cost
control measures; price competition; disputes concerning
intellectual property; uncertainties in global political and
economic conditions; our ability to successfully close the sale in
a timely manner, if at all; and other factors and other risks,
including those that we have described in our filings with the
Securities and Exchange Commission, including but not limited to
our Annual Report on Form 10-K, current reports on Form 8-K and our
quarterly reports on Form 10-Q. As a result we can provide no
assurance that our future results will not be materially different
from those projected. Brooks expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statement to reflect any change in our expectations or any
change in events, conditions or circumstances on which any such
statement is based. Brooks undertakes no obligation to update the
information contained in this press release.
INVESTOR CONTACTS:
Mark Namaroff
Director, Investor Relations
Brooks Automation
978.262.2635
mark.namaroff@brooks.com
Sherry Dinsmore
Brooks Automation
978.262.2400
sherry.dinsmore@brooks.com
John Mills
Senior Managing Director
ICR, LLC
646.277.1254
John.mills@icrinc.com
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SOURCE Brooks Automation