ATMI pulls out of GaAs epiwafer business
"As our GaAs epiwafer business has continued to deteriorate, we intend to withdraw from that business by virtue of a sale or partnership," said Gene Banucci, CEO.
However, the moves will not affect ATMI s gallium nitride epiwafer business or its silicon/SiGe materials activities.
ATMI anticipates that a write-down will be required covering most of the estimated $40 million invested in its GaAs epiwafer business, although the specific amount has not been determined.
ATMI expects to register a 5-8% sequential drop in revenue in the third quarter of 2002, and to incur operating losses of around $0.05 to $0.10 per share.
"Obviously, we are concerned about the nature of this marketplace setback," said Banucci. "We made very good financial progress during the first half of 2002…nonetheless, it is not our nature to sit idly by waiting for the marketplace to fully recover."
