Atmi Inc. (MM) (NASDAQ:ATMI)
Historical Stock Chart
From Jul 2019 to Jul 2024
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/