Creating a photomask giant
Following completion of the transaction, DuPont Photomasks will become a wholly-owned subsidiary of Toppan to be named Toppan Photomasks. The subsidiary will remain headquartered in Round Rock, Texas.
In combination, Toppan and DuPont Photomasks will operate the industry's most extensive global photomask production network spanning China, France, Germany, Japan, Korea, Singapore, Taiwan and the USA. The boards of directors of both companies have approved the agreement.
DuPont Photomasks' largest shareholder, EI du Pont de Nemours and Company ("DuPont"), which owns some 20% of the issued and outstanding shares, has agreed to vote its shares in favour of the transaction. The transaction is subject to regulatory and DuPont Photomasks shareholder approval and is expected to close in early 2005.