Credence Enters Agreement to Sell Its Amerang Operations to Advantest
16 Junio 2008 - 6:30PM
Marketwired
MILPITAS, CA , a provider of test solutions for the worldwide
consumer semiconductor industry, announced today that it has
entered into a definitive agreement to sell its operations in
Amerang, Germany, Credence Systems GmbH, to Advantest
Corporation.
"In order to achieve our profitability goals, we evaluated all
of our operations for opportunities to reduce our logistical
footprint and further optimize operational efficiencies. As a
stand-alone entity, we sought a buyer for our Amerang operations
that would protect our customers' interests by continuing to
support their automotive products. Advantest has made this
commitment to us and we believe that we have achieved an excellent
outcome for our automotive customers while avoiding extensive
restructuring," said Lavi Lev, president and CEO of Credence.
"Credence will continue to participate in the automotive market
with our current product lines as we actively address the broad and
diverse consumer markets that also include wireless, entertainment
and computing with products that deliver the best value to our
customers."
Pursuant to the terms of the Agreement, Advantest Corporation
will purchase the operation for US$5.0 million. In connection with
the transaction, employees, manufacturing and key infrastructure
will remain in Amerang but be owned by Advantest, who will take
control of the operations' assets, including inventories, spares,
plant property and equipment, and associated liabilities.
Advantest, through the purchase of Credence Systems GmbH, will also
assume all of Credence Systems GmbH's contractual obligations with
automotive customers including those obligations in connection with
the Credence Falcon, Piranha and other legacy automotive product
lines.
The transaction is anticipated to close on or before August
31st, 2008. There is no expected impact to Credence's guidance for
fiscal Q3, other than a one-time non-cash impairment charge. The
company will discuss its ongoing business model as a result of this
sale in its third quarter fiscal 2008 conference call, scheduled
for August 28, 2008.
About Credence
Credence Systems Corporation is a global provider of automated
test equipment (ATE) solutions to the high growth, consumer
semiconductor industry. Credence is committed to deliver the
highest standards of value -- an optimal combination of technology,
turn-around time, reliability, ease of use, service and support --
to every customer, which enables important cost and performance
advantages for integrated device manufacturers (IDMs), wafer
foundries, outsource assembly and test (OSAT) suppliers and fabless
chip companies worldwide. An ISO 9001-certified company with a
presence in 20 countries, Credence is headquartered in Milpitas,
California. More information is available at
http://www.credence.com.
About Advantest
Advantest Corporation is the world's leading automatic test
equipment supplier to the semiconductor industry, and also produces
electronic instruments and systems. A global company, Advantest has
long offered total ATE solutions, and serves the industry in every
component of semiconductor test: tester, handler, mechanical and
electrical interfaces, and software. Its logic, memory,
mixed-signal and RF testers and device handlers are integrated into
the most advanced semiconductor production lines in the world.
Founded in Tokyo in 1954, Advantest established its first
subsidiary in 1982, in the USA, and now has subsidiaries worldwide.
Among them, Advantest America, Inc. is based in Santa Clara, CA,
Advantest (Europe) GmbH is based in Munich, Germany, and Advantest
Taiwan Inc. is based in Hsinchu, Taiwan. More information is
available at www.advantest.co.jp
Forward-Looking Statements
This release contains statements that are forward-looking within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including the following statements: that the sale of the
Amerang operations will help achieve our profitability goals, that
we have achieved an excellent outcome for our legacy automotive
customers while avoiding extensive restructuring, our continued
participation in the automotive market with our current product
lines, that we actively address the broad and diverse consumer
markets with products that deliver the best value to our customers,
that employees in Amerang will remain in Amerang after the
acquisition, that Advantest will assume all of Credence Systems
GmbH's contractual obligations, certain aspects of the transaction,
including the purchase price and the anticipated closing date, that
we will take a one-time non-cash impairment charge, and that we
will discuss our ongoing business model as a result of this sale in
our third quarter fiscal 2008 conference call, scheduled for August
28, 2008. Such important factors involve risks and uncertainties
including, but not limited to, the difficulties of transferring the
focus of our business into areas in which we have limited
experience, the volatility of the trading price of our stock, the
need to focus on different aspects of our business to improve
stockholder value, unanticipated challenges in assessing business
conditions and the overall market by both Credence and Advantest,
unanticipated difficulties in implementing improvements to our
business model, unforeseeable events that may materially affect the
proposed sale, unexpected changes in the business plans of
Advantest, unanticipated challenges in the automotive market,
fluctuation in customer demand, timing and volume of orders and
shipments, competition and pricing pressures, and reliability and
quality issues. Reference is made to the discussion of risk factors
detailed in our filings with the Securities and Exchange
Commission, including our reports on Form 10-K and 10-Q. All
projections in this release are based on limited information
currently available to us, which is subject to change. Although any
such projections and the factors influencing them will likely
change, we will not necessarily update the information, since we
are only to provide guidance at certain points during the year.
Actual events or results could differ materially and no reader of
this release should assume later in the quarter that the
information provided today is still valid. Such information speaks
only as of the date of this release.
Media Relations Contact: Brenda Ropoulos Communications Director
Credence Systems Corporation Phone: 408-635-4309 FAX: 408-635-4986
E-mail: Email Contact
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