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  • Aixtron and Genus to Merge
Jul 2004
AACHEN, Germany and SUNNYVALE, Calif., July 2 -- Aixtron AG and Genus Inc., suppliers of advanced deposition equipment to the semiconductor industry, announced today they are planning to merge.

Aixtron will acquire all outstanding Genus shares in a stock-for-stock transaction. Genus shareholders will receive 0.51 American depository receipts (ADRs) of Aixtron in exchange for each Genus common share. Each Aixtron ADR will represent one Aixtron ordinary share. At the completion of the transaction, Aixtron's shareholders will hold approximately 74 percent and Genus's shareholders approximately 26 percent of the merged company.

Aixtron, based in Germany, makes MOCVD (metal-organic chemical vapor deposition) products for the production of ultrahigh brightness light-emitting diodes, high-frequency chips and lasers. Genus is a supplier of atomic layer deposition (ALD) technology, used in the production of advanced semiconductors and hard disk drives.

"Both companies have more than 20 years of experience in the semiconductor equipment business and are an ideal fit," said Paul Hyland, president and CEO of Aixtron. "The semiconductor industry increasingly requires new complex material solutions, which we offer. The combined company will leverage Aixtron's know-how in complex material deposition and Genus's strength in new semiconductor deposition technologies for such materials."

The two companies reported total 2003 revenues of approximately 142 million euros ($160 million), a combined gross profit of approximately 32 million euros ($36 million) and cash and cash equivalents of approximately 78 million euros ($99 million).

Paul Hyland will remain president and CEO of Aixtron. William W. R. Elder, chairman and CEO of Genus, will join the Aixtron management board. The transaction has been approved by the management board and supervisory board of Aixtron and by Genus's board. The transaction is subject to approval by the shareholders of both companies and to any necessary regulatory clearance in the US, and is expected to close by the end of the year.

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