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News in brief: ATMI, Celeritek and JPSA Laser

ATMI has found a buyer for its GaAs epiwafer business, JPSA Laser is to expand, and Celeritek shareholders have formed a Protective Committee.
ATMI finds buyer for GaAs epiwafer business

ATMI appears to have found a buyer for part of its GaAs epiwafer business. The company s annual report says that "effective January 31, 2003, certain assets of this business have been sold under an asset purchase agreement. The lease of the related facility in Phoenix, Arizona has been assumed by the buyer."

In September 2002, ATMI announced that it planned to exit the GaAs epiwafer business, although it would continue its activities related to GaN and silicon epiwafers. The company recorded a $31.5 million charge to recognize the impairment of assets in the GaAs epitaxial services business and an additional $3.1 million charge related to a write-down of GaAs inventories is included in cost of revenues.

JPSA Laser expands

JPSA Laser announces plans for the company’s growth-driven expansion, the result of increasing demands for its products and contract services. JPSA Laser operates a high-performance UV laser job shop as well as a systems engineering and manufacturing business.

The expansion will take place as a multi-phase plan that will immediately double existing floor space to 12,500 square feet and then later increase to 20,000 square feet. JPSA products and services include UV excimer and DPSS laser micro machining systems, UV and VUV laser beam delivery systems, UV laser materials processing development, optical damage testing, and excimer laser refurbishment services.

Celeritek shareholders form Protective Committee

A group of Celeritek shareholders has formed a committee with the aim of encouraging Celeritek s board of directors to improve Celeritek s corporate governance and to be more receptive to formal purchase offers. In September 2002, Celeritek s board rejected a takeover bid from Anaren Microwave.

Members of the Celeritek Shareholder Protective Committee collectively own 10.26% of the common stock of Celeritek and include Bricoleur Capital Management, Kevin Douglas, Lloyd Miller, B Riley and Co Inc, and B Riley and Co Holdings LLC.

The Shareholder Committee is considering calling a special meeting of shareholders to propose replacing Celeritek s current board of directors with those who will be more open to the corporate governance concerns of shareholders. The committee also wants to remove Celeritek s "poison pill" – this is a financial device designed to prevent a hostile takeover by increasing the takeover cost, usually through the issuance of new preferred shares that carry severe redemption provisions.

The Shareholder Committee stated, "The board appears to be entrenched and uninterested in maximizing shareholder value. In particular, the board apparently has rebuffed an indication of interest from a potential acquirer."

The Shareholder Committee is also troubled by company loans to certain employees which are classified as "relocation loans" but which have maturities through 2019 and bear no interest rate.

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