SpeedFam and IPEC Agree on Merger
-- Semiconductor International, 1/1/1999
SpeedFam International and Integrated Process Equipment Corp. (IPEC) jointly announced the execution of a definitive merger agreement. All IPEC operations, technologies, products and services will be integrated with those of SpeedFam in a new entity that will be called SpeedFam-IPEC.
'We believe that our complementary product lines IPEC's orbital AvantGaard systems and SpeedFam's rotational Auriga systems set industry standards for flexibility and high throughput,' said Richard J. Faubert, president and CEO of SpeedFam. 'In our view, the combined technologies will enable the new company to better serve customers by offering systems optimized to support the entire range of CMP applications.'
The transaction is subject to approval by SpeedFam shareholders and IPEC
stockholders, normal regulatory approvals and other customary conditions. The
merger is intended to qualify as a tax-free reorganization and be accounted for
as a pooling of interests. The transaction is expected to be consummated by the
first quarter. 
