Honeywell buys remaining stake in GEM
Technology giant Honeywell has bought Mitsubishi Chemical Americas 40 per cent stake in Arizona-based semiconductor chemicals manufacturer GEM Microelectronics for an undisclosed sum. The deal makes Honeywell the sole owner of GEM.
GEM – which generates annual revenues of around $40 million - was formed in 2001 when Mitsubishi and Honeywell combined their wet-process chemicals businesses.
The companys core business is supplying ultra-high purity straight, wet-etch and cleaning chemicals to chip makers. It has recently expanded its product line to include performance cleans, selective etchants and wafer thinning chemicals.
Nance Dicciani, president and chief executive officer of Honeywell Speciality Materials, said that the acquisition “demonstrated the companys commitment” to providing chemical solutions to the global semiconductor industry.
“Electronic materials form a key growth platform for our business and we continue to invest to broaden the range of products and solutions we offer to the semiconductor industry.”
The purchase of Mitsubishis stake follows Honeywells April 2004 acquisition of Intri-Plex Technologys Thermal Solutions heat spreader product line – including manufacturing operations in Thailand – in April 2004.
