MUNICH -- Semiconductor equipment OEM ASM Pacific Technology (asmpacific.com) has reached an agreement to buy Siemens' electronics assembly placement equipment business (siplace.com). ASM will pay [euro]1 for the unit, and Siemens will provide [euro]29 million as a nonrefundable cash payment. An early 2011 closing is expected, pending ASM shareholder approval.
In a statement, Siemens CEO Gunter Lauber said, "There are no plans for making any major changes in terms of people, locations and structures," and Munich will remain the unit's headquarters. The Siplace business unit will be operated as a separate division within ASMPT, Lauber said. ASM's Asia network will help the Siplace business, he added.
ASM chief executive Lee Wai Kwong said the proposed deal "represents an excellent combination of advanced technologies with vast experience and knowledge."
ASM, a manufacturer of semiconductor and LED machines and systems, is coming off its...