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Surface Technology Systems plc (STS) today announced that Sumitomo Precision Products Co., Ltd (SPP), who currently owns 63% of STS' shares, officially put forward an offer to the other shareholders to buy back shares and regain control of the Company. SPP has stated its intention, subject to the level of acceptances of the offer, to seek to cancel the trading of the shares on the London Stock Exchange , and to re-register STS as a private company.
Commenting on the offer Hisao Shiotani, Executive Vice President of Sumitomo Precision Products Co., Ltd said, "The SPP Directors believe there are considerable benefits to STS, such as enhanced critical mass and financial resources, in it being developed and funded as a wholly owned subsidiary and privately traded business."
As the former parent company of STS, SPP understands the company, their markets and their customers' requirements. They offer a wealth of industry experience and financial security which will allow STS to continue to improve their products and customer service.
Enquiry levels for the Pegasus system and the new 300mm tool remain encouraging, especially from worldwide production customers, and the Directors believe that the long term demand for the type of systems produced by STS will continue to grow.
Commenting on the offer Nigel Randall, Non-Executive Chairman of Surface Technology Systems plc said, "The Independent Directors now believe the future development of the Company's business will be better facilitated as a private company and as a wholly owned subsidiary of SPP."
Building on a firm base of technology accumulated over many years, SPP has expanded from its core field of aerospace products into more diverse areas such as equipment for semiconductor production, heat exchangers, industrial machinery employing hydraulic control and cryopumps. The company is headquartered in Japan with sales offices in many parts of the world. SPP is listed on the Tokyo Stock Exchange and as at 23 August 2007 had a market capitalisation of Yen29.72 billion (GBP130.50 million).
This press announcement is for information only, and not intended to, and does not constitute or form any part of, an offer or an invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction (including the USA) pursuant to the Offer or otherwise.
About Surface Technology Systems plc (STS)
STS designs and manufactures a range of highly specialized systems incorporating innovative technology used in the production of semiconductors and related devices and is a leader in plasma based etch and deposition technologies for processing non 'mainstream' semiconductor devices. STS serves a range of applications in several emerging sectors within the telecommunications, data storage, advanced packaging, MEMS and Nanotechnology.
STS is the market leader in deep silicon etching for the growing MEMS market, offering patent-protected technology. In addition, STS has a strong presence in each of its other served markets and distributes its process solutions worldwide through an experienced sales and service operation. The Group currently markets in over 30 countries and has an installed base of over 900 systems.
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