Cirrus Logic has agreed to sell its semiconductor test operation assets in Texas to ChipPAC.

Cirrus will transfer analogue and mixed-signal testers,
handlers and wafer probers to its Chinese facility in exchange for cash and
services. The transaction is expected to close by June 30, 2003.
In addition to the asset transfer, Cirrus Logic and ChipPAC have entered
into a long-term strategic alliance under which ChipPAC will provide package
development, wafer probe, assembly, final test and distribution services.
ChipPAC has more than 5000 employees worldwide with facilities strategically
located in Korea, China and Malaysia, as well as advanced design and
characterisation service centres in California, Arizona and Korea.
"Following an approximate six-month transition period, we expect on-going
cost savings of $1.5-$2.0mn per quarter," says David French, CEO and
president of Cirrus Logic.

The transaction is expected to "impact" approximately 120 Cirrus Logic
employees over a four-month period.

Ashland has signed a definitive agreement to sell the net assets of its
Electronic Chemicals business and certain related subsidiaries to Air
Products in a transaction valued at $300mn before tax. Ashland's after-tax
proceeds will be used primarily to reduce debt. Ashland expects the
transaction to close within 60 days. The agreement calls for Ashland to
provide certain administrative services during the transition period. Air
Products will assume operations at manufacturing and sales facilities upon
closing. The closing is conditional upon a number of standard conditions,
including several regulatory reviews.

Ashland Electronic Chemicals products include strippers for ACT
photoresists, etch residues, low-k dielectrics and copper, copper plating
solutions, chemical mechanical planarisation (CMP) slurries and post-CMP
cleaners. A fab services division provides on-site chemical management,
parts cleaning and tool assembly/ refurbishment.

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