Intevac has signed an asset purchase agreement to sell its rapid thermal processing capital equipment (RTP) business to Photon Dynamics for $20 million cash and the assumption of certain liabilities.
The agreement provides for the sale of Intevac’s patented RTP technology, which is used for activating low temperature poly-silicon (LTPS) films during the manufacturing process for flat panel displays.
Around $2 million of the cash payment will be held in escrow for one year. Release of the escrow at the end of this period is subject to a number of conditions.
Photon Dynamics believes that Intevac’s RTP equipment will expand its product offering to flat panel display manufacturers and enhance its core technology position.
The systems are designed to activate LTPS films utilising a precise heating process, which is critical to the manufacture of advanced active matrix, thin film transistor liquid crystal displays (TFT-LCDs) and organic light emitting diodes (OLEDs).
The transaction is expected in early November and is dependant on certain closing conditions.