TEMPE, Ariz., April 3, 2019 /PRNewswire/ -- Amtech Systems,
Inc. (NASDAQ: ASYS), a manufacturer of capital equipment, including
thermal processing and wafer handling automation, and related
consumables used in fabricating semiconductor devices,
light-emitting diodes (LEDs), silicon carbide (SiC) and silicon
power chips and solar cells, today announced that following an
extensive review of its businesses, Amtech management and Board of
Directors have decided to focus solely on growth opportunities in
the Company's semiconductor and SiC/LED polishing businesses and
intend to sell the Company's solar businesses, including its
Tempress and SoLayTec subsidiaries.
Amtech's J.S. Whang, Chairman and Chief Executive Officer,
commented, "In November 2018 we
announced that we had initiated a comprehensive review of our solar
businesses. In a February update we noted thus far our review
strongly indicates that our combined Semi and SiC/LED polishing
business provide better markets for enhancing the value of Amtech
Group. We have recently completed our assessment and conclude,
along with Tempress and SoLayTec management, that significant
investment is required to effectively compete in the changing solar
industry. We therefore conclude Tempress and SoLayTec would be
better positioned to capitalize on opportunities in the solar
industry under new ownership."
Compelling Financial and Strategic Growth Benefits
The expected divestiture of Amtech's solar businesses offers
compelling financial and strategic benefits. The strategic
streamlining positions Amtech to:
- Invest in the three semiconductor value chains in which it
operates: chip substrate, chip fabrication, and chip packaging and
SMT,
- Build upon our strengths in chip packaging and SMT,
- Further our position as a market leader in the fast-growing,
high-end power chip market (SiC and 300mm Si HTR),
- Stop solar losses and enhance the Company's cash flow and
earnings growth profile, and
- Capture high value for our investments.
Mr. Michael Whang, Chief
Operating Officer, added, "With renewed excitement, we now look to
dedicate our resources to our semiconductor and silicon carbide
businesses. We see significant opportunity to build upon our
strengths as we seek to more fully participate in the fast-growing
advanced power chip opportunities ahead of us. We believe this
strategic shift transitions Amtech to a business model that can
deliver more reliable profitability in both the near and longer
term."
About Amtech Systems, Inc.
Amtech Systems, Inc. is a global supplier of advanced thermal
processing and polishing equipment and related consumables to the
semiconductor / electronics, power IC businesses, advanced lighting
manufacturing and solar markets. Amtech's equipment includes
diffusion systems, solder reflow systems, wafer handling
automation, PECVD and ALD systems and polishing equipment and
related consumables for surface preparation of various materials,
including silicon carbide ("SiC"), sapphire and silicon. The
Company's wafer handling, thermal processing, polishing and
consumable products currently address the diffusion and deposition
steps used in the fabrication of semiconductors, printed circuit
boards, semiconductor packaging, solar cells, MEMS, and advanced
lighting, including the polishing of newly sliced sapphire and
silicon wafers. Amtech's products are recognized under the leading
brand names BTU International, Bruce TechnologiesTM, PR
HoffmanTM, Tempress SystemsTM, R2D
AutomationTM and SoLayTec.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release is
forward-looking in nature. All statements in this press release, or
made by management of Amtech Systems, Inc. and its subsidiaries
("Amtech"), other than statements of historical fact, are hereby
identified as "forward-looking statements" (as such term is defined
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended).
The forward-looking statements in this press release relate only to
events or information as of the date on which the statements are
made in this press release. Examples of forward-looking
statements include statements regarding Amtech's plans to sell its
solar businesses, its plans to invest in three semiconductor value
chains in which it operates (chip substrate, chip fabrication, and
chip packaging and SMT) and fully participate in advanced power
chip opportunities, and its ability to enhance its cash flow and
earnings growth profile, capture high value for its investments,
and deliver more predictable results and consistent profitability
in both the near and longer term. In some cases,
forward-looking statements can be identified by terminology such as
"may," "will," "should," "would," "expects," "plans,"
"anticipates," "intends," "believes," "estimates," "predicts,"
"potential," "continue," or the negative of these terms or other
comparable terminology or our management are intended to identify
such forward-looking statements. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Except as required
by law, we undertake no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contacts:
Amtech Systems, Inc.
Lisa Gibbs
Chief Financial Officer
(480) 967-5146
IRelations@Amtechsystems.com
Or
Christensen
Investor Relations
Patty Bruner
(480) 201-6075
Pbruner@christensenir.com
View original
content:http://www.prnewswire.com/news-releases/amtech-systems-announces-plan-to-divest-solar-businesses-and-focus-solely-on-the-profitable-growth-opportunities-in-its-semiconductor-businesses-300824260.html
SOURCE Amtech Systems, Inc.