Fusion Systems selling off ultraviolet curing division Rockville firm to focus on semiconductor industry

Manufacturing

August 16, 1996|By Mark Guidera | Mark Guidera,SUN STAFF

Fusion Systems Corp., a Rockville company that sells manufacturing equipment to the semiconductor industry, said yesterday it would sell its ultraviolet curing division, Fusion UV Curing, to a British company for $121 million.

The deal with Fairey Group PLC, based in Surrey, England, will allow Fusion Systems to focus on opportunities it expects from an anticipated consolidation in the semiconductor equipment industry, said Leslie Levine, the company's president and chief executive officer.

The Fairey Group is a diversified manufacturer with customers in defense, aerospace, electrical power and ceramics.

Fusion UV Curing manufacturers ultraviolet curing equipment used by heavy industry to dry inks, coatings and adhesives.

When the transaction is completed in about 30 days, subject to U.S. regulatory approval, Fusion will be a supplier of advanced semiconductor manufacturing equipment with more than $100 million in cash.

`An unusual opportunity to consolidate semiconductor equipment suppliers is arising with the industry's increasing emphasis on global service and support, process integration and standardization, and the developing need for 300 millimeter tools,` Leslie S. Levine, president and CEO of Fusion Systems, said in a statement.

`We intend to play a key role in the consolidation trend. Our semiconductor equipment business already has excellent management, technology and products, market acceptance and financial performance."

Fusion UV curing had net income of $4.7 million on revenues of $28.7 million in the first six months of this year, officials said.

Fairey Group will operate the UV curing equipment business under the name Fusion UV Systems Inc., and will retain the subsidiary's management and its 300 employees based in Gaithersburg.

In a separate transaction, Fairey Group will pay $5 million to Fusion Lighting Inc., a former subsidiary of Fusion Systems that makes visible lighting products, for UV technology-sharing and non-competition agreements and for some intangible property.

Pub Date: 8/16/96

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