Praxair, Inc has sold its advanced components business to FM Industries, Inc. of Fremont, California. FM Industries is a wholly owned subsidiary of NGK Insulators of Japan.
David Strauss, Managing Director of Praxair’s Electronic Materials Business commented, “We were pleased to have worked with FMI on this transaction and believe these assets and offerings are a good fit for their business going forward.”
He added, “Praxair remains committed to the electronics market and will continue to actively pursue opportunities in the semiconductor, display and photovoltaic industries with our gases and materials-science products and services.”
The advanced components business designs, engineers, manufactures and supplies electrostatic chucks (ESCs) and critical chamber components for semiconductor processing equipment. ESCs are used in etch, chemical vapour deposition and physical vapour deposition tools, ion implanters and metrology tools.
The business also provides high-precision thermal spray coating services of ESCs and chamber components to improve tool performance and reduce the cost of ownership. The unit employs approximately 70 people and generated sales of $28m during 2011. Under the agreement, FM Industries, Inc. acquires operating facilities in Poughkeepsie, N.Y. and Phoenix, Arizona.
Praxair, Inc. has reported an enterprising full-year 2011, reflecting on a number of contracts secured and ‘industry-leading profitability’. The Danbury, Connetcicut-based industrial gases major reported fourth-quarter net income and diluted earnings per share of $420m and $1.38, respectively.
Praxair, Inc. has authorised a new share repurchase program for up to $1.5bn of its common stock. According to the North American firm, the move reflects a strong balance sheet and free cash-flow.
Houston, Texas, based Thigpen Energy has selected Chart for the provision of LNG fueling equipment and supplies – with construction already underway. Earlier this week it was announced that the company’s eastern European outfit, Chart Ferox, was chosen to construct LNG filling station in Poland.
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