Applied Films Corporation to Acquire the In-Line Systems Division of Helix Technology, Inc. in Taiwan

Applied Films Corporation announced that it has entered into an agreement to acquire the In-line Systems division of Helix Technology, Inc., Taiwan (the "In-line Division"), in a transaction that includes both cash and Applied Films common stock.

Helix will receive approximately $12.5 million in cash and $2 million in shares of Applied Films common stock in the transaction. The acquisition is expected to be completed in the fourth quarter of fiscal 2004. The closing of the transaction is subject to certain closing conditions and there is no assurance that the transaction will be completed. We do not expect the transaction to have any material effect on our financial performance for the remainder of our current fiscal year ending June 30, 2004.

The In-line Division is located in the Tainan Science Based Industrial Park, in Tainan, Taiwan. After the closing it will operate as a wholly-owned subsidiary of Applied Films and the In-line Division's management and employees will become a part of Applied Films' new subsidiary.

The In-line Division and Applied Films Corporation both produce equipment for the flat panel display ("FPD") industry and other industries. FPD's are found in a wide variety of consumer and industrial products including cellular telephones, personal digital assistants, televisions, and desktop monitors.

Thomas Edman, President and Chief Executive Officer of Applied Films Corporation, said: "We are very excited about this combination. We currently enjoy a strong relationship with Helix Technology, which has served as a distributor and a licensed manufacturer for several of our earlier generation equipment platforms. The familiarity of the In-line Division personnel with our New Aristo platform will allow us to accelerate our strategy of driving lower costs by manufacturing some of our products in Asia. This capability will help us better serve our customers with a manufacturing facility and experienced people in close proximity to our customer base in Asia. Following the integration we will have over 80 employees in Asia, 50 of whom will be in Taiwan."

"The sale of the Helix Technology in-line equipment division, allows us to focus on continuing to grow our core component business", commented Dr. S.C. Chang, Chairman and CEO of Helix Technology Inc. "Helix Technology is also pleased to see Applied Films Corporation make this commitment to flat panel display equipment manufacturing in Taiwan. We believe Applied Films Corporation is the first of the leading overseas equipment suppliers in the flat panel display industry to move forward with such a major investment."

600450 Applied Films Corporation to Acquire the In-Line Systems Division of Helix Technology, Inc. in Taiwan

See more news about:

Others also read

The glass sector has the increasingly widespread requirement of having an unlimited catalogue of parametric shapes and creating new ones in a simple way without being an expert in the field.
Glass Confusion is starting the New Year with Beginning Fused Glass group classes. The three-week course will be held Wednesdays from 10 a.m. to 1 p.m. and again from 5 p.m. to 9 p.m.
Shoaib Akhtar is going to be back on Indian TV screens. He is going to be featured in the new TV ad campaign for Asahi Glass.
Worldwide glass-substrate capacity is expected to continue to grow more than 40% each quarter through 2005, as a result of capacity expansion by existing glass-substrate suppliers and new companies joining the market, according to DisplaySearch.
Western Pennsylvania’s once-thriving glassmaking industry is dwindling, as did the domestic steel industry and for many of the same reasons: competition and cost.
Christmas got a little bluer for the local glass industry this week with the closure of yet another plant.

Add new comment