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ASML sells Tinsley Laboratories Inc. to SSG Precision Optronics Inc.
Press release - Veldhoven, the Netherlands, December 19, 2001
ASML Holding NV, a Netherlands public company (ASML), today announced that on December 18, 2001, it completed the divestment of Tinsley Laboratories Inc. (Tinsley) to SSG Precision Optronics Inc., a Massachusetts, US, corporation that specializes in the design, fabrication and testing of space-based and other high performance optical subsystems.
Tinsley was an optical polishing subsidiary of Silicon Valley Group Inc. (SVG) that was acquired by ASML in May 2001. In conjunction with the acquisition of SVG, ASML agreed with the Committee on Foreign Investment in the United States (CFIUS) to make a good-faith effort to sell Tinsley. The combination of Tinsley and SSG creates a leading provider of optical systems for major defense-related projects and space programs. The Tinsley lithography activity that relates to semiconductor manufacturing equipment will transfer to ASML. Tinsley's total sales in 2001 are estimated to be $12 million.
Doug Dunn, ASML's President and CEO, said: "One of the strategic reasons why ASML acquired SVG is to expand its access to lithography competence for making semiconductor equipment. We committed to make a good-faith effort to divest Tinsley Laboratories, a small part of SVG, to satisfy CFIUS regarding ownership of Tinsley's defense and space-based optical technology. The sale of Tinsley to SSG fulfills ASML's commitment by placing the technology in the hands of a premier defense contractor whose core competency is to furnish space-based optics to the US government for reconnaissance and space systems."
Dan Desmond, SSG's CEO, said: "Both we and our strategic financial partner, Parthenon Capital, are very excited about this acquisition. The combination of SSG and Tinsley solidifies our position as a leading provider of optical subsystems for major Department of Defense programs as well as NASA and civilian space projects."
Details of the agreement between ASML and SSG are not being disclosed.
ASML is one of the world's leading providers of advanced technology systems for the semiconductor industry. The company offers an integrated portfolio of lithography, track and thermal systems mainly for manufacturing complex integrated circuits. Headquartered in Veldhoven, the Netherlands, ASML is traded on Euronext Amsterdam and Nasdaq under the symbol ASML. For the first half of 2001, the company reported net sales of over €1 billion. ASML employs approximately 8,000 people in 50 locations throughout the world. For more information, visit www.asml.com.
About SSG Precision Optronics
SSG is a leading supplier of high-value optical subsystems and precision opto-mechanical assemblies for military and NASA applications including space-based and tactical imaging. SSG is a privately-held company headquartered in Wilmington, Massachusetts, with about 200 employees located there and at its two other sites in Massachusetts.
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