Intevac, Inc. (Nasdaq:IVAC) announced today it has signed a definitive asset purchase agreement to acquire OC Oerlikon Balzers Ltd.’s magnetic media equipment business. Oerlikon, a Swiss high-technology company, is streamlining its portfolio and divesting itself of non-strategic assets.
Intevac’s acquisition of Oerlikon’s magnetic media equipment assets and IP enables Intevac to utilize Oerlikon’s developed technology and product solutions on Intevac systems. Support for Oerlikon’s installed base customers will be continued by Intevac’s global service organization.
“Our customers have undergone significant consolidation; and consequently, it is necessary for the supply base to consolidate as well,” commented Kevin Fairbairn, Intevac’s president and chief executive officer. “As the market leader, we are in the best position to support Oerlikon’s installed base and utilize elements of their technology on our systems to benefit the industry.”
“This transaction is a key part of our strategic initiative to focus on high-growth and clean energy markets,” said Dr. Uwe Krüger, Oerlikon’s chief executive officer. “Intevac has a long term commitment to this market and a successful product line that can utilize Oerlikon’s technologies and IP, making them the logical buyer for the business.”
The transaction, which is subject to certain closing conditions, is anticipated to close early in the third quarter.
Intevac was founded in 1991 and has two businesses: Equipment and Imaging Instrumentation.
Equipment Business: Intevac is a leader in the design, manufacture and marketing of high-productivity "lean" manufacturing systems and has been producing "Lean Thinking" platforms since 1994. We are the leading supplier of magnetic media sputtering equipment to the hard disk drive industry and offer advanced etch technology systems to the semiconductor industry.
Imaging Instrumentation Business: Intevac is a leader in the development of leading edge, high-sensitivity imaging products, vision systems and miniature Raman instruments. Markets addressed include military, industrial, physical science and life science.
For more information call 408-986-9888, or visit the Company’s website at www.intevac.com.
Oerlikon (SWX: OERL) is one of the world's most successful high-tech industrial groups specializing in machine and plant engineering. The company is a leader in the field of industrial solutions and innovative technologies for textile manufacture, thin-film solar and thin-film coating, drive, precision and vacuum systems. With roots in Switzerland and a long tradition stretching back 100 years, Oerlikon is a global player with a workforce of more than 19,000 at 170 locations in 35 different countries. The company’s sales amounted to CHF 5.6 billion and it ranks either first or second in the respective global markets. In 2007, approx. 5 percent of the turnover was invested in research and development (CHF 274 million).
Jeff Andreson, 408-986-9888
Chief Financial Officer
Claire McAdams, 530-274-0551