CMC Materials to Acquire International Test Solutions
March 01 2021 - 6:00AM
CMC Materials, Inc. (Nasdaq: CCMP) today announced that it has
entered into an agreement to acquire International Test Solutions,
Inc. (ITS), a leader in the design and production of innovative,
high-performance consumables used to optimize critical
semiconductor testing processes. Headquartered in Reno,
Nevada and supplying to semiconductor manufacturers globally, ITS
will become part of the company’s Electronic Materials business
segment.
The acquisition of ITS expands CMC Materials’ portfolio of
critical, enabling solutions that help solve its customers’ most
demanding challenges. With ITS’ superior combination of
technical and applications expertise, talented operations team, and
global sales and distribution network, CMC Materials is enhancing
its leadership in partnering with device manufacturers and
foundries to design and produce consumable, application-specific
materials used to maximize yield and throughput in the
semiconductor manufacturing process.
“We are excited about accelerating ITS’ growth by leveraging our
world-class quality systems and operations, global footprint and
technical resources,” said David Li, President and CEO of CMC
Materials. “We look forward to welcoming ITS’ employees to our team
and our future together.”
“ITS is a great addition to our Electronic Materials business
segment, bringing their advantaged technology positions and
exposure to attractive growth trends in the semiconductor
industry. Back-end processes are evolving to meet the
increasing complexity of semiconductor devices, and ITS is at the
center of this evolution, delivering significant value to customers
by enhancing operational yields and production line efficacy,” said
Dann Woodland, Vice President and President of Electronic
Materials.
“We are excited for ITS to join a technology leader like CMC
Materials. CMC’s technical and R&D expertise, as well as their
global infrastructure and operational excellence should provide a
strong foundation for ITS to further enhance the product offerings
that are vital to our customers’ processes,” said Gene Humphrey,
President and co-founder of ITS.
CMC Materials has agreed to acquire ITS for approximately $125
million in cash, which is expected to be funded by cash on hand,
and expects to complete the transaction in April 2021, subject to
customary closing conditions, including post-closing adjustments,
and regulatory approvals.
ABOUT CMC MATERIALS, INC.
CMC Materials, Inc., headquartered in Aurora, Illinois, is a
leading global supplier of consumable materials, primarily to
semiconductor manufacturers. The company’s products play a
critical role in the production of advanced semiconductor devices,
helping to enable the manufacture of smaller, faster and more
complex devices by its customers. CMC Materials, Inc. is also
a leading provider of performance materials to pipeline
operators. The company's mission is to create value by
delivering high-performing and innovative solutions that solve its
customers’ challenges. The company has approximately 2,100
employees globally. For more information about CMC Materials, Inc.,
visit www.cmcmaterials.com, or contact Colleen Mumford, Vice
President, Communications and Marketing, at 630-499-2600.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, which
address a variety of subjects including, for example: the
acquisition of, investment in, or collaboration with other
entities, including the company’s acquisition of ITS, and the
expected benefits and synergies of such acquisitions; future sales
and operating results; growth or contraction, and trends in the
industries and markets in which the company participates such as
the semiconductor, and oil and gas, industries; divestment or
disposition, or cessation of investment in certain, of the
company’s businesses; new product introductions; development of new
products, technologies and markets; product performance; the
financial conditions of the company's customers; the competitive
landscape that relates to the company’s business; the company's
supply chain; natural disasters; various economic or political
factors and international or national events, including related to
global public health crises such as the COVID-19 pandemic, and the
enactment of trade sanctions, tariffs, or other similar matters;
the generation, protection and acquisition of intellectual
property, and litigation related to such intellectual property or
third party intellectual property; environmental, health and safety
laws and regulations, and related compliance; the operation of
facilities by the company; the company's management; foreign
exchange fluctuation; the company's current or future tax rate,
including the effects of changes to tax laws in the jurisdictions
in which the company operates; cybersecurity threats; financing
facilities and related debt, pay off or payment of principal and
interest, and compliance with covenants and other terms; and, uses
and investment of the company's cash balance, including dividends
and share repurchases, which may be suspended, terminated or
modified at any time for any reason by the company, based on a
variety of factors. Statements that are not historical facts,
including statements about CMC Materials’ beliefs, plans and
expectations, are forward-looking statements. Such statements are
based on current expectations of CMC Materials’ management and are
subject to a number of factors and uncertainties, which could cause
actual results to differ materially from those described in the
forward-looking statements. For information about factors that
could cause actual results to differ materially from those
described in the forward-looking statements, please refer to CMC
Materials’ filings with the Securities and Exchange Commission
(“SEC”), including the risk factors contained in CMC Materials’
Annual Report on Form 10-K for the fiscal year ended September 30,
2020. Except as required by law, CMC Materials undertakes no
obligation to update forward-looking statements made by it to
reflect new information, subsequent events or circumstances.
Source: CMC Materials
Colleen Mumford
VP, Communications & Marketing
CMC Materials, Inc.
(630) 499-2600
CMC Materials (NASDAQ:CCMP)
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