Photronics Announces Closing of Joint Venture in Taiwan with Dai Nippon Printing
April 03 2014 - 4:15PM
Business Wire
Creates Largest Domestic Supplier of Leading
Edge Photomasks in Taiwan
Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics
industry, today announced the successful closing of the previously
announced joint venture with Dai Nippon Printing Co., Ltd. (DNP)
(7912:Tokyo Stock Exchange). The joint venture, Photronics DNP Mask
Corporation (PDMC), will focus on serving semiconductor
manufacturers in Taiwan. The closing followed regulatory approvals
received from Taiwan authorities on March 28, 2014. The joint
venture was effective at 12:00 a.m., Taiwan time, April 4,
2014.
The non-cash transaction merged DNP Photomask Technology Taiwan
Co., Ltd. (DPTT), a wholly owned subsidiary of DNP, into Photronics
Semiconductor Mask Corporation (PSMC), a wholly owned subsidiary of
Photronics. Photronics and DNP own 50.01% and 49.99% of the joint
venture, respectively, and the financial statements will be
included in the consolidated financial statements of
Photronics.
Governance of PDMC will be shared by Photronics and DNP through
a seven member board of directors with four Photronics members and
three DNP members. Dr. Peter Kirlin, Photronics’ President, will be
named Chairman of the Board of PDMC, Mr. Hideyuki Tanaka from DNP
will be named Vice Chairman and Vice General Manager, and Dr. Frank
Lee, PSMC President, was named General Manager.
Constantine (“Deno”) Macricostas, Photronics' Chairman and Chief
Executive Officer, commented, “This is a very exciting day for our
customers, partners and employees. Photronics DNP Mask Corporation
provides a combination of high-end technology and manufacturing
capacity, with scale and efficiency to offer superior long-term,
strategic capabilities for our customers in the region. Our
high-end technology, strong financial foundation and efficient
operating model offer a powerful and sustainable solution for
semiconductor manufacturers in Taiwan.”
Koichi Takanami, Executive Vice President, Dai Nippon Printing
Co., Ltd. stated, “Taiwan is an important photomask market.
Photronics DNP Mask Corporation will bring to that market a
combination of DNP's logic photomask technologies, Photronics,
Inc.'s memory photomask technologies, and economies of scale. We
will continue to work hard at customer satisfaction by maximizing
both companies' strengths in order to provide enhanced products and
services.”
About Photronics
Photronics is a leading worldwide manufacturer of photomasks.
Photomasks are high precision quartz plates that contain
microscopic images of electronic circuits. A key element in the
manufacture of semiconductors and flat panel displays, photomasks
are used to transfer circuit patterns onto semiconductor wafers and
flat panel substrates during the fabrication of integrated
circuits, a variety of flat panel displays and, to a lesser extent,
other types of electrical and optical components. They are produced
in accordance with product designs provided by customers at
strategically located manufacturing facilities in Asia, Europe, and
North America. Additional information on the Company can be
accessed at www.photronics.com
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements made by or on behalf
of Photronics, Inc. and its subsidiaries (the Company). The
forward-looking statements contained in this press release and
other parts of Photronics’ web site involve risks and uncertainties
that may affect the Company’s operations, markets, products,
services, prices, and other factors. These risks and uncertainties
include, but are not limited to, economic, competitive, legal,
governmental, and technological factors as well as decisions we may
make in the future regarding our business, capital structure and
other matters. These forward-looking statements generally can be
identified by phrases such as “believes”, “expects”, “anticipates”,
“plans”, “projects”, and similar expressions. Accordingly, there is
no assurance that the Company’s expectations will be realized. For
a fuller discussion of the factors that may affect the Company's
operations, see "Forward Looking Statements" in the Company's
Quarterly and Annual Reports to the Securities and Exchange
Commission on Forms 10-Q and 10-K. The Company assumes no
obligation to provide revisions to any forward-looking
statements.
About Dai Nippon Printing
DNP [Dai Nippon Printing Co., Ltd.] is a world-class
comprehensive printing company with 1.446 trillion yen in annual
revenues and approximately 40,000 employees. Based in Tokyo, Japan,
DNP offers a broad range of products and services for publishing,
commercial printing, smart cards, networking, and electronics
components, among others. Its products in the electronics field
include color filters and other components for LCDs, photomasks,
and semiconductor-related components. In the photomask market DNP
is a world leader, utilizing its time-honored printing techniques
and know-how in the fabrication of cutting- edge photomasks.
05-2014
Photronics, Inc.Pete Broadbent, 203-775-9000Vice President,
Investor Relations & Marketingpbroadbent@photronics.com
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