Brooks Automation buying PRI Automation
Chelmsford, Billerica, Mass. - Brooks Automation Inc. and PRI Automation Inc. announced Oct. 24 that Brooks will acquire PRI, creating a semiconductor automation systems, software and services supplier with annual sales for fiscal year 2001 of approximately $700 million.
Chelmsford, Billerica, Mass. - Brooks Automation Inc. and PRI Automation Inc. announced Oct. 24 that Brooks will acquire PRI, creating a semiconductor automation systems, software and services supplier with annual sales for fiscal year 2001 of approximately $700 million. With complementary technologies, products, distribution channels and customer relationships, the combined firms report they will offer customers fully integrated, end-to-end solutions through a single provider, enhancing their ability to bring advanced semiconductor products to market more quickly and cost-effectively.
Under the agreement, unanimously approved by the boards of directors of both companies, PRI shareholders will receive 0.52 shares of Brooks stock for each PRI share held, representing a net cash value of approximately $380 million. Following shareholder and regulatory approvals and completion of the sale, expected to occur in 1Q02, the combined company will be 61% owned by Brooks shareholders and 39% owned by PRI shareholders.
Robert Therrien, Brooks' president and ceo, and Ellen Richstone, Brooks' cfo, will hold the same positions in the combined company, which will be known as Brooks-PRI Automation Inc. and headquartered in Chelmsford. Brooks-PRI's seven-member board of directors will consist of all five current Brooks directors and two PRI directors, including Mitchell Tyson, PRI's president and ceo.
'Brooks-PRI Automation will be exceptionally well positioned to enhance the productivity of semiconductor manufacturers as they drive for faster time to market with next-generation products,' says Mr. Therrien. 'Our customers will benefit from doing business with a global company that can provide the hardware, software and professional services required to manage every wafer move in the fab. Our industry expertise in terms of products, people and intellectual property will be unsurpassed, and we will have the strategic, operational and financial strength required to build long-term value for customers, employees and shareholders.'
Mr. Tyson added that, 'I'm tremendously excited about the creation of Brooks-PRI Automation. The semiconductor fab of the future will need to be highly flexible, efficient and intelligent. It must be fully automated to optimize the flow of material and information. No company will be better able to capture this market opportunity, help drive the transition to 300mm, and build shareholder value.'