• Pure asset deal plus IP agreement • Price undisclosed
Pfäffikon SZ, June 26, 2008 - The Oerlikon Group is selling its magnetic media equipment business to Intevac, Santa Clara, USA. The corresponding contracts were signed yesterday between the parties.
"Oerlikon is streamlining its portfolio and divesting itself of a non-strategic asset. As an outstanding player in magnetic media industries, Intevac is in the best position to support Oerlikon's installed base", states Dr. Uwe Krüger, CEO of Oerlikon. "Intevac's acquisition of Oerlikon's magnetic media equipment assets together with related IP enables Intevac to utilize Oerlikon's developed technology and product solutions on Intevac systems", said Kevin Fairbairn, President and CEO of Intevac.
The transaction is structured as an asset purchase. Both parties agreed not to disclose price details. The staff members affected will be transferred almost without exception into other Oerlikon businesses, or retained by Intevac. Intevac will also enter negotiations with Oerlikon Leybold Vacuum for the supply of vacuum pumps.
By selling the magnetic media equipment business, Oerlikon is continuing to pursue its portfolio strategy of disposing of small non-core businesses where the company does not have world-leading positions. "After successfully having had processed significant magnetic media equipment engineering, this step now enables Oerlikon management to concentrate on growth areas for the group such as the solar and coating businesses", says CEO Krüger.