News Article
Samsung Pumps €276 Million Into ASML Lithography
Samsung Electronics has joined ASML's Customer Co-Investment Program for Innovation and has committed to contribute 276 million Euros (€) into ASML's research and development of next generation lithography technologies over five years.
Samsung Electronics has joined ASML's Customer Co-Investment Program for Innovation and has committed to contribute 276 million Euros (€) into ASML's research and development of next generation lithography technologies over five years.
This completes the program, as the target for aggregate R&D funding commitments of €1.38 billion has now been met. Samsung has also committed to invest €503 million in a 3 percent ASML equity stake under the same general terms as the other program participants.
Under the Co-Investment Program, which was announced on July 9th 2012, ASML will accelerate the development of key lithography technologies needed to extend Moore's Law, notably Extreme Ultraviolet (EUV) lithography.
These technologies will benefit the entire industry, and will enable smarter, more powerful, more energy-efficient and cheaper electronic devices for consumers. With the full program target of research and development funding committed under the Customer Co-Investment Program, ASML no longer plans to solicit the participation of additional customers.
As part of the program, Intel, TSMC and Samsung will each acquire ASML shares, equal to an aggregate 23 percent minority equity stake in ASML for €3.85 billion in cash. The entire cash proceeds of the share issuance will be returned to ASML shareholders (not including participating customers) through a synthetic buy-back. The shares to be issued to Intel, TSMC and Samsung will be non-voting except in exceptional circumstances.
ASML can now issue new shares equivalent to 9.99% of its issued share capital to Intel as per the authorisations granted at ASML's 2012 Annual General Meeting of shareholders. The issuance of further shares in the Co-Investment Program to Intel, TSMC and Samsung, as well as the synthetic buyback, are subject to shareholder approval at the extraordinary meeting of shareholders scheduled for September 7th, 2012.
Headquartered in Veldhoven, the Netherlands, ASML is a global provider of lithography systems for the semiconductor industry. The firm manufactures complex machines that are critical to the production of integrated circuits and chips.
