INDUSTRY NEWS

EXPANSIONS AND ACQUISITIONS

Deal to expand FSI line

FSI International, a major supplier of microlithography track systems and surface conditioning equipment, will expand its line of process tools with the proposed purchase of YieldUP International. Based in Mountain View, CA, YieldUP manufactures cleaning, rinsing, and drying equipment, including the Omega line of motionless IPA wafer rinser-dryers. FSI says the merger will enable it to offer clients a single source for cleaning equipment, aftersales support, service, and engineering. The acquisition adds to FSI's line of spray, vapor, and cryokinetic cleaning technologies.

YieldUP will operate as the immersion systems group of FSI's surface conditioning division. The supplier will continue to sell its Omega tools to wet bench OEMs. Under the terms of the agreement YieldUP's shareholders will receive just over 73 cents, and 0.1567 share of FSI common stock, for each share of YieldUP stock. Pending governmental and shareholder approval, the transaction will be completed in late April or early May, according to FSI.

YieldUP revenues for the first nine months of FY98 were $5.4 million, and revenues for 1997 totaled $7.5 million. Raj Mohindra, president and CEO of YieldUP, will be vice president and general manager of the immersion group, reporting to Dale Courtney, president of FSI's surface conditioning division. YieldUP will continue to operate from its Mountain View headquarters . FSI is located in Chaska, MN. The company has offices in Dallas; Hollister, CA; Fremont, CA; and Newhaven, England.

Construction firms unite

Two large contractors with expertise in the microelectronics industry have combined operations to create a multibillion-dollar engineering and construction firm. J. A. Jones of Charlotte, NC, and Lockwood Greene of Spartanburg, GA, have been consolidated as one company by Philipp Holzmann, their parent firm. Headquartered in Frankfurt, Germany, Holzmann is a construction firm reporting annual revenues of approximately $8 billion. The German company bought Jones in 1979 and acquired 80% of Lockwood Greene in 1981. The companies have collaborated on microelectronics projects through a joint subsidiary.

Steag wants RTP biz

Steag Electronic Systems of Essen, Germany, plans to purchase AG Associates and combine the company with Steag ASK Electronik, the division that specializes in rapid thermal processing systems. AG Associates is a major manufacturer of RTP systems with headquarters in San Jose. If the merger is approved the company would become a wholly owned subsidiary of Steag. The agreement calls for Steag to buy all outstanding shares of AG Associates for $5.50 per share, a value approximately 26% higher than the closing price on January 15, 1999. Steag says it has installed more than 400 RTP systems at fabs around the world. The company's board of directors unanimously approved the purchase, Steag says.

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