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Photronics Announces Closing of Joint Venture in Taiwan with Dai Nippon Printing
|By Business Wire
|April 3, 2014 04:15 PM EDT
Inc. (NASDAQ:PLAB), a worldwide leader in supplying innovative
imaging technology solutions for the global electronics industry, today
announced the successful closing of the previously announced joint
venture with Dai Nippon Printing Co., Ltd. (DNP) (7912:Tokyo Stock
Exchange). The joint venture, Photronics DNP Mask Corporation (PDMC),
will focus on serving semiconductor manufacturers in Taiwan. The closing
followed regulatory approvals received from Taiwan authorities on March
28, 2014. The joint venture was effective at 12:00 a.m., Taiwan time,
April 4, 2014.
The non-cash transaction merged DNP Photomask Technology Taiwan Co.,
Ltd. (DPTT), a wholly owned subsidiary of DNP, into Photronics
Semiconductor Mask Corporation (PSMC), a wholly owned subsidiary of
Photronics. Photronics and DNP own 50.01% and 49.99% of the joint
venture, respectively, and the financial statements will be included in
the consolidated financial statements of Photronics.
Governance of PDMC will be shared by Photronics and DNP through a seven
member board of directors with four Photronics members and three DNP
members. Dr. Peter Kirlin, Photronics’ President, will be named Chairman
of the Board of PDMC, Mr. Hideyuki Tanaka from DNP will be named Vice
Chairman and Vice General Manager, and Dr. Frank Lee, PSMC President,
was named General Manager.
Constantine (“Deno”) Macricostas, Photronics' Chairman and Chief
Executive Officer, commented, “This is a very exciting day for our
customers, partners and employees. Photronics DNP Mask Corporation
provides a combination of high-end technology and manufacturing
capacity, with scale and efficiency to offer superior long-term,
strategic capabilities for our customers in the region. Our high-end
technology, strong financial foundation and efficient operating model
offer a powerful and sustainable solution for semiconductor
manufacturers in Taiwan.”
Koichi Takanami, Executive Vice President, Dai Nippon Printing Co., Ltd.
stated, “Taiwan is an important photomask market. Photronics DNP Mask
Corporation will bring to that market a combination of DNP's logic
photomask technologies, Photronics, Inc.'s memory photomask
technologies, and economies of scale. We will continue to work hard at
customer satisfaction by maximizing both companies' strengths in order
to provide enhanced products and services.”
is a leading worldwide manufacturer of photomasks.
Photomasks are high precision quartz plates that contain microscopic
images of electronic circuits. A key element in the manufacture of
semiconductors and flat panel displays, photomasks are used to transfer
circuit patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and optical
components. They are produced in accordance with product designs
provided by customers at strategically located manufacturing
facilities in Asia, Europe, and North America. Additional
information on the Company can be accessed at www.photronics.com
The Private Securities Litigation Reform Act of 1995 provides a “safe
harbor” for forward-looking statements made by or on behalf of
Photronics, Inc. and its subsidiaries (the Company). The forward-looking
statements contained in this press release and other parts of
Photronics’ web site involve risks and uncertainties that may affect the
Company’s operations, markets, products, services, prices, and other
factors. These risks and uncertainties include, but are not limited to,
economic, competitive, legal, governmental, and technological factors as
well as decisions we may make in the future regarding our business,
capital structure and other matters. These forward-looking statements
generally can be identified by phrases such as “believes”, “expects”,
“anticipates”, “plans”, “projects”, and similar expressions.
Accordingly, there is no assurance that the Company’s expectations will
be realized. For a fuller discussion of the factors that may affect the
Company's operations, see "Forward Looking Statements" in the Company's
Quarterly and Annual Reports to the Securities and Exchange Commission
on Forms 10-Q and 10-K. The Company assumes no obligation to provide
revisions to any forward-looking statements.
About Dai Nippon Printing
[Dai Nippon Printing Co., Ltd.] is a world-class comprehensive
printing company with 1.446 trillion yen in annual revenues and
approximately 40,000 employees. Based in Tokyo, Japan, DNP offers a
broad range of products and services for publishing, commercial
printing, smart cards, networking, and electronics components, among
others. Its products in the electronics field include color filters and
other components for LCDs, photomasks, and semiconductor-related
components. In the photomask market DNP is a world leader, utilizing its
time-honored printing techniques and know-how in the fabrication of
cutting- edge photomasks.
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