Bio-Rad Laboratories and Accent Semiconductor Technologies Announce Definitive Agreement Whereby Accent Will Acquire Bio-Rad's Semiconductor Measurements Division
HERCULES, CA. Bio-Rad Laboratories (AMEX: BIO.A and BIO.B) and Accent Semiconductor Technologies, Inc. announce the signing of a definitive agreement whereby Accent will acquire certain assets related to Bio-Rad s semiconductor and optoelectronic metrology business. This business operates in eight countries with more than 200 employees, including more than 70 technologists. It is headquartered in York, England, and supplies sophisticated measurement tools to semiconductor manufacturers. Applications for these products include monitoring of production processes and semiconductor device research.
Bio-Rad, which recently completed the acquisition of Pasteur Sanofi Diagnostics, has been refocusing its activities more tightly in the healthcare-related fields of life science research and clinical diagnostics. Bio-Rad s semiconductor equipment businesses are growing profitably and are among the leading purveyors of these tools to the industry. However, they are not particularly related to the company s focus on healthcare. Divestiture of these assets will permit greater strategic focus and more appropriate resource allocation.
"This acquisition gives Accent a portfolio of process control products and intellectual property that addresses key customer requirements for sub-0.1 micron lithography as well as yield improvement for laser diodes used in optical communications," said Bruce C. Rhine, a major shareholder of Accent. "Accent will focus its efforts on customer support, product performance and ramping capacity. The team at Accent is experienced, motivated by the change and dedicated to customer satisfaction."
"Transferring the semiconductor business to new ownership is an excellent strategic move both for Bio-Rad Laboratories and for the semiconductor business unit," said Tom Chesterman, Bio-Rad s Chief Financial Officer. "Bio-Rad will be able to concentrate attention on its core businesses, and the semiconductor group will benefit from a new environment well suited to its goals and potentials. The semiconductor equipment business segment has always been strong in technical expertise and product quality. This move will only enhance its potential for success."
Accent s principal shareholders are affiliates of Mr. Rhine and San Francisco-based Joost Enterprises Corporation. Mr. Rhine is a veteran semiconductor equipment entrepreneur and investor. He formed an equipment start-up, Monkowski-Rhine, Inc., which was acquired by Lam Research. Subsequently, he led a management buyout of Obsidian, Inc. which was then acquired by Applied Materials, Inc. in October 1999.
Mr. Rhine is currently Chairman and CEO of Timbre Technologies, Inc., a semiconductor process control software company, and serves on the boards of Semiconductor Diagnostics, Inc. and Sensys Instruments Corp. Joost Enterprises and its affiliates are investors in numerous businesses led by outstanding industry executives. Bio-Rad Laboratories, Inc. (www.bio-rad.com) is a multinational manufacturer and distributor of life science research products, clinical diagnostics and analytical instrumentation, based in Hercules, California. The company serves more than 70,000 research and industry customers worldwide through a network of more than 30 wholly owned subsidiary offices.
Bio-Rad Laboratories, Inc. (www.bio-rad.com) is a multinational manufacturer and distributor of life science research products, clinical diagnostics and analytical instrumentation, based in Hercules, California. The company serves more than 70,000 research and industry customers worldwide through a network of more than 30 wholly owned subsidiary offices.
For more information, contact:
Tom Chesterman, Vice President and Chief Financial Officer
Phone: (510) 724-7000
E-mail: tom_chesterman@bio-rad.com
Various statements made within this press release may constitute "forward-looking statements" for purposes of the Securities and Exchange Commission s "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. The forward-looking statements contained herein involve risks and uncertainties that could cause results to differ materially from the Company s expectations.
Tom Chesterman, Vice
President and Chief Financial Officer
Phone: (510) 724-7000
E-mail: tom_chesterman@bio-rad.com
Various statements made
within this press release may constitute "forward-looking statements"
for purposes of the Securities and Exchange Commission s "safe harbor"
provisions under the Private Securities Litigation Reform Act of 1995 and Rule
3b-6 under the Securities Exchange Act of 1934. The forward-looking statements
contained herein involve risks and uncertainties that could cause results to
differ materially from the Company s expectations.
E-mail: tom_chesterman@bio-rad.com
Web site: http://www.bio-rad.com
