GENERAL SIGNAL TO SELL DRYTEK TO LAM RESEARCH CORP.
STAMFORD, Conn., June 23 /PRNewswire/ -- General Signal Corporation announced today that it has signed a definitive agreement to sell its Drytek unit to Lam Research Corporation, located in Fremont, Calif. Terms were not disclosed. Drytek, based in Wilmington, Mass., is an innovator in the development and manufacture of plasma etch equipment for the semiconductor industry. Lam is a leading manufacturer of semiconductor equipment and market leader in plasma etch equipment. "We're pleased to have found a buyer so well suited for our Drytek unit," noted Stephen W. Nagy, chief financial officer for General Signal and the executive in charge of the company's semiconductor equipment divestiture effort. "Combining the global market presence of Lam and the synergistic etch technologies developed by Drytek will meet a broad range of requirements for their combined customer base." This announcement follows General Signal's recent decision, announced Jan. 14, 1993, to divest its semiconductor equipment operations. Since that time, General Signal has completed the sale of its Ultratech Stepper unit to the unit's management and filed a registration statement for an initial public offering of its Electroglas unit. The company has announced that contract negotiations are underway with potential buyers of General Signal's Assembly Technologies unit and the Integrated Solutions business of GCA. General Signal Corporation, with 1992 sales of $1.6 billion, is a leading manufacturer of equipment and instruments for the process control, electrical, and industrial technology industries. -0- 6/23/93 /CONTACT: Stephen W. Nagy, for General Signal, 203-329-4303/ (GSX)
CO: General Signal ST: Connecticut IN: SU: TNM
LR -- NY011 -- 4865 06/23/93 08:37 EDT
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|Date:||Jun 23, 1993|
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