BE Semiconductor Industries NV Signs Letter of Intent to Form Strategic Joint Venture.ZEVENAAR, The Netherlands--(BUSINESS WIRE)--Jan. 16, 1997-- BESI to Contribute Leadframe & Connector Plating Operations to JV BE Semiconductor Industries NV (Nasdaq: BESIF; Amsterdam Stock Exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. : BESI; Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. : BSI BSI - British Standards Institute ) today announced that it has signed a letter of intent with L. Possehl & Co., mbH ("Possehl") and interests controlled by Mr. Ho Mr. Ho is a one shot short manga, drawn by Akira Toriyama, featuring a Yamcha-like character as the protagonist. It's story is similar to Dragon Ball's Red Ribbon Army Saga. Hung Tak ("Mr. Ho") to form a joint venture company to be named Possehl BESI Electronic NV ("PBE PBE Password Based Encryption (cryptography) PBE Programming By Example PBE Protective Breathing Equipment PBE Prompt By Example PBE Place-Based Education PBE Paint Body Equipment PBE Pool Boiling Experiment PBE Plain Both Ends "). PBE will combine the leadframe stamping, etching, tooling, and plating operations of the three contributing entities. The new company, with estimated pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma sales in 1996 of NLG NLG The ISO 4217 currency code for the Dutch Guilder. 300 million, will employ approximately 1,250 people and operate 14 production facilities in Europe, Asia, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and North Africa. Possehl, established in 1847, is a DM 3 billion industrial conglomerate controlled by the Possehl Foundation, with 3,900 employees worldwide. Mr. Ho is Managing Director and a minority shareholder in Possehl's Far East leadframe operations. It is currently contemplated that each of the participating entities will contribute all of its ownership interests relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the production and plating of leadframes and connectors. Ownership of the new company by Possehl, BESI, and Mr. Ho will be 50.1%, 30.0%, and 19.9%, respectively. The Management Board will consist of Executive Officers of each respective party. The transaction is expected to be completed by March 31, 1997 and is subject to certain conditions including due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , definitive documentation and the final approval by the Supervisory Boards of the participating entities. "We are very pleased to enter into an agreement to expand our long-time relationship with Possehl," said Richard Blickman of BESI. "The combination of the leadframe and plating operations of Possehl and BESI creates a world-class, vertically integrated leadframe supplier that ranks among the top ten globally and is the largest non-Japanese supplier based on 1995 industry information. "Moreover, BESI will have a significant ownership interest in a leadframe business approximately triple its size, with expanded international production capabilities, a more diverse customer base, and a broader product portfolio. By combining the complementary production capabilities of each entity, Possehl and BESI expect to realize efficiencies and vertical integration sooner than forecasted without the requisite capital investment. "By separating our leadframe and connector plating operations," Blickman continued, "the more rapid revenue growth and higher margins historically experienced by our systems business will be more readily visible. We believe that the focus on our equipment business and our participation in a larger integrated supplier of leadframes with excellent growth prospects will return greater value to our shareholders over the long term." This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the cyclicality of the semiconductor equipment industry, risks related to customer concentration, delays and cancellations of product orders, competitive pressures, general economic conditions and the risk factors detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. BE Semiconductor Industries NV designs, develops, manufactures, markets and services molding, trim and form and selective plating and tin-lead plating equipment for the semiconductor industry's back-end assembly operations and provides leadframes and connector plating services to customers. The Company's customers consist primarily of leading US, European, Asian, Korean and Japanese semiconductor manufacturers and subcontractors. CONTACT: BE Semiconductor Industries NV, The Netherlands Richard W. Blickman/Michele Katz/Jessica Davis/ Libby Marshall, 31-316-597511 or Morgen-Walke Associates, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Miriam Adler/Erika Brown, 212/850-5600 |
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