Arch Chemicals Reaches Agreement to Sell Microelectronic Materials Business to Fuji Photo Film
Arch Chemicals, Inc. announced that it has signed a definitive agreement to sell the majority of the operations of its Microelectronic Materials business to Fuji Photo Film Co., Ltd. for approximately $160 million. The transaction, which is expected to close by the end of the year, is subject to regulatory approvals and other customary closing conditions.
The transaction includes the Company's microelectronics manufacturing facilities and research and development facilities located in North America, Europe and Asia, and its 49 percent ownership of FUJIFILM Arch Co., Ltd., the Company's joint venture with Fuji Photo Film Co., Ltd. in Japan. These facilities manufacture and supply a wide range of products -- including photoresists, formulated products, polyimides and thin film systems -- to semiconductor manufacturers and to flat panel display manufacturers throughout the world.
Arch will retain its 50 percent interest in Planar Solutions LLC, the Company's joint venture with Wacker Chemical Corporation for the production and sale of chemical mechanical planarization (CMP) slurries, the microelectronics-dedicated manufacturing facility in Brandenburg, Kentucky and the chemical management services business ("CMS"). The Company will pursue all strategic options for its CMS business. Sales of the CMS business in 2003 were approximately $10 million. The Company will continue to supply certain products to the Microelectronic Materials business from its Brandenburg, Kentucky facility.
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