QED Technologies Bought by Cabot Microelectronics
AURORA, Ill., June 15, 2006 -- Cabot Microelectronics Corp. (CMC), a supplier of chemicals used to make semiconductors, announced today that it will buy substantially all of the assets of QED Technologies Inc., including certain proprietary technology and intellectual property, for between $19 million and $23.5 million in cash, depending on QED's performance over the next two years.
QED, based in Rochester, N.Y., is a privately-held company with approximately 43 workers. The 10-year-old business is best known for magnetorheological finishing (MRF), its proprietary technology that improves both figure and surface finish simultaneously in high-precision optics. QED also recently commercialized its metrology technology, subaperture stitching interferometry (SSI), that is designed to provide a complete map of an optical surface.
"We believe the precision optics industry and QED Technologies provide excellent vehicles for us to leverage our capabilities and expand into new markets under our ESF initiative," said William P. Noglows, chairman and CEO of CMC, in the statement. Under the initiative, the company plans to pursue applications requiring nanoscale control of surface shape and finish. "QED provides us with a platform of unique polishing and metrology technologies and products, commercial entry into the precision optics market and an outstanding team of scientists, engineers and associates. We believe combining QED's business with our expertise in CMP will form a strong foundation for growth."
QED generated revenues in the last calendar year of approximately $12 million. Under the deal, which is expected to close in July, CMC will assume approximately $2 million of QED's current liabilities. For more information, visit: www.cabotcmp.com