Arch Chemicals announced today that it has signed a definitive agreement to sell the majority of the operations of its microelectronic materials business to Fuji Photo Film for approximately $160 million.
The transaction includes the company’s microelectronics manufacturing facilities and research and development facilities in North America, Europe and Asia, and its 49 percent ownership of Fujifilm Arch Company, the company’s joint venture with Fuji Photo Film in Japan.
These facilities manufacture and supply a wide range of products, including photoresists, formulated products, polyimides and thin film systems, to semiconductor manufacturers and to flat panel display manufacturers throughout the world.
Norwalk, Connecticut-based Arch will retain its 50 percent interest in Planar Solutions, the company’s joint venture with Wacker Chemical Corporation for the production and sale of chemical mechanical planarisation (CMP) slurries. Arch will also retain a 50 percent interest in its microelectronics-dedicated manufacturing facility in Brandenburg, Kentucky and the chemical management services business (CMS), which had sales of approximately $10 million in 2003.
The transaction, which has been approved by both boards of directors, is subject to regulatory approvals and other customary closing conditions. It is expected to close by the end of the year.