AURORA, Ill., Aug 30, 2010 (GlobeNewswire via COMTEX) --
Cabot Microelectronics Corporation (Nasdaq:CCMP), the world's leading supplier of chemical mechanical planarization (CMP) polishing slurries and growing CMP pad supplier to the semiconductor industry, today announced that it completed the second closing of its two-step acquisition of Epoch Material Co., Ltd. (Epoch), a copper CMP slurry provider in Taiwan, on August 27, 2010. As previously disclosed, Cabot Microelectronics initially obtained 90 percent of Epoch's stock in February 2009, and with this second closing, the remaining 10 percent was transferred to the company from Eternal Chemical Co., Ltd. (Eternal Chemical) (TAI:1717). The total acquisition price was approximately $66 million, all of which was paid or escrowed at the first closing.
"We are pleased to have successfully integrated Epoch into our company over the past eighteen months, with the support of Eternal Chemical," said William Noglows, Chairman and CEO of Cabot Microelectronics. "We are delighted that this acquisition has allowed us the opportunity to expand our presence in Taiwan, enhancing our ability to better serve and collaborate with our customers. In our view, this acquisition has also strengthened our copper CMP slurry portfolio and has enabled us to leverage cost savings opportunities across our combined organization."
ABOUT CABOT MICROELECTRONICS CORPORATION
Cabot Microelectronics Corporation, headquartered in Aurora, Illinois, is the world's leading supplier of CMP polishing slurries and growing CMP pad supplier to the semiconductor industry. The company's products play a critical role in the production of advanced semiconductor devices, enabling the manufacture of smaller, faster and more complex devices by its customers. The company's mission is to create value by developing reliable and innovative solutions, through close customer collaboration, that solve today's challenges and help enable tomorrow's technology. Since becoming an independent public company in 2000, the company has grown to approximately 925 employees on a global basis. For more information about Cabot Microelectronics Corporation, visit www.cabotcmp.com or contact Amy Ford, Director of Investor Relations at (630) 499-2600.
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SAFE HARBOR STATEMENT
This news release may include statements that constitute "forward-looking statements" within the meaning of federal securities regulations. These forward-looking statements include statements related to: future sales and operating results; company and industry growth, contraction or trends; growth or contraction of the markets in which the company participates; international events or various economic factors; product performance; the generation, protection and acquisition of intellectual property, and litigation related to such intellectual property; new product introductions; development of new products, technologies and markets; the acquisition of or investment in other entities; uses and investment of the company's cash balance; and the construction of facilities by Cabot Microelectronics Corporation. These forward-looking statements involve a number of risks, uncertainties, and other factors, including those described from time to time in Cabot Microelectronics' filings with the Securities and Exchange Commission (SEC), that could cause actual results to differ materially from those described by these forward-looking statements. In particular, see "Risk Factors" in the company's quarterly report on Form 10-Q for the quarter ended June 30, 2010 and in the company's annual report on Form 10-K for the fiscal year ended September 30, 2009, both filed with the SEC. Cabot Microelectronics assumes no obligation to update this forward-looking information.
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SOURCE: Cabot Microelectronics Corporation
CONTACT: Cabot Microelectronics Corporation
Amy Ford, Director of Investor Relations