Global Industrial Gas Major Praxair INC has recently went under a deal with California-based FM industry. Company sold unit that has been in business of making equipment for producing microchips to one of Japan’s biggest technology manufacturers.
Sources say company struck deal in undisclosed amount in which entire business was executed between both the companies. But it appears as Praxair will soon issue $600 million that should be used to retire short-term debt for the group & general purposes.
According to reports in the media, this business has roughly generated $28 million in fiscal year 2011 and employs approximately 70 people. It designs, engineers, manufactures and supplies electrostatic chucks (ESCs) and critical chamber components for semiconductor processing equipment. The key businesses here are making electrostatic chucks (ESCs) and critical chamber components for semiconductor processing equipment. ESCs are basically used in etch, chemical vapor deposition and physical vapor deposition tools, ion implanters and metrology tools.
FM Industries is a wholly owned subsidiary of NGK Insulators of Japan & makes machined parts for the semiconductor-equipment industry. Under the deal terms, the FM Industries also acquired operating facilities in Poughkeepsie, N.Y. and Phoenix, Ariz
David Strauss, Managing Director of Praxair’s Electronic Materials Business commented, “We were pleased to have worked with FMI on this transaction and believe these assets and offerings are a good fit for their business going forward.”He further added, “Praxair remains committed to the electronics market and will continue to actively pursue opportunities in the semiconductor, display and photovoltaic industries with our gases and materials-science products and services.”