Air Products, Kinetic Systems, Inc. to Retire TRiMEGA Joint Venture
April 30 2004 - 1:51PM
PR Newswire (US)
Air Products, Kinetic Systems, Inc. to Retire TRiMEGA Joint Venture
LEHIGH VALLEY, Pa., April 30 /PRNewswire-FirstCall/ -- After five
years of providing turnkey support and services to the U.S.-based
semiconductor industry, Air Products and Kinetic Systems, Inc. have
decided to let their operating contract for the TRiMEGA joint
venture (JV) expire. The agreement reflects changes in an evolving
semiconductor industry that is shifting more of its production and
manufacturing functions to Asia. Both companies anticipated this
regional shift and have allocated resources and capital to support
the growing Asian market. As a result, each company has
competitively positioned itself in Asia and can provide a variety
of turnkey services and infrastructure support the TRiMEGA JV
jointly offered in the US and Europe. "The TRiMEGA joint venture
had a successful five-year run and continued to exceed expectations
despite an unfavorable economic environment," said Joseph
Stockunas, Air Products general manager of electronics equipment.
"In its five years, we believe it helped to redefine the way in
which customers in the semiconductor industry are served."
"Kinetics and Air Products have successfully worked together on
projects for almost 20 years," added Kurt Gilson, president of
Kinetic Systems, Inc. "The TRiMEGA joint venture was an example of
that strong relationship, and largely through the support of our
customers and employees, we were able to provide a truly unique
offering that will continue to redefine the project delivery
approach for process materials in a semiconductor fab." The 50/50
joint venture, which primarily serviced customers in the United
States and Europe, is at the end of a five-year contract and will
expire May 31, 2004. During that time, it served as a one-stop
solution for fab process systems, offering customers a
comprehensive service package ranging from the initial fab design
to a variety of specialty chemicals and gases product offerings.
The agreement ends a joint venture between the two companies that
generated over $300 million in revenue, while successfully
implementing more than 30 projects during that time. To view the
full text of this announcement, please visit Air Products' online
Press Room at
http://www.airproducts.com/PressRoom/CompanyNews/Archived/2004/04133_30Apr04.htm.
***NOTE: This release may contain forward-looking statements.
Actual results could vary materially, due to changes in current
expectations. DATASOURCE: Air Products CONTACT: Media Inquiries:
Tom Yencho, Air Products, +1-610-481-1192, e-mail: ; or Ray
Pfeifer, for Kinetic Systems, Inc., +1-408-588-4431, email: ; or
Investor Inquiries: Alexander W. Masetti, Air Products,
+1-610-481-7461, e-mail: Web site: http://www.airproducts.com/
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