News Article
Aviza Technology and KB Home enter into property sale Agreement
Aviza Technology, Inc, a supplier of advanced semiconductor equipment and process technologies for the global semiconductor, compound semiconductor, nanotechnology and other related markets, announced that it has entered into an agreement to sell the property on which Aviza's worldwide headquarters and batch systems manufacturing facilities are currently located to KB HOME South Bay Inc. ("KBSB").
The stated purchase price in the agreement is $26,000,000, subject to upward or downward adjustment prior to closing based on a number of factors. If the purchase price is ultimately determined to be less than $22,000,000, Aviza has the right to terminate the agreement.
"Our headquarters and batch systems manufacturing facilities are located on property that has drawn interest from various development firms and homebuilders alike since Aviza was formed in 2003," said Jerry Cutini, President and CEO of Aviza Technology, Inc. "We are currently evaluating other potential locations here in the South Bay Area for our headquarters and manufacturing facilities. Our agreement with KBSB provides us the time to explore all of those options so that we can make a decision that will benefit the company and our employees. However, we do not currently anticipate relocating our headquarters and manufacturing facilities prior to 2007."