Press
Release |
For Further Information:
Pete Broadbent
Vice
President, Investor Relations
& Marketing
(203)
775-9000
pbroadbent@photronics.com |
Photronics Announces Closing of Joint Venture in Taiwan with
Dai
Nippon Printing
Creates Largest Domestic Supplier of
Leading Edge Photomasks in Taiwan
BROOKFIELD, Connecticut April 3, 2014 —
Photronics, Inc.
(NASDAQ:PLAB), a worldwide leader in supplying innovative imaging technology
solutions for the global electronics industry, today announced the successful
closing of the previously announced joint venture with Dai Nippon Printing Co.,
Ltd. (DNP) (7912:Tokyo Stock Exchange). The joint venture, Photronics DNP Mask
Corporation (PDMC), will focus on serving semiconductor manufacturers in Taiwan.
The closing followed regulatory approvals received from Taiwan authorities on
March 28, 2014. The joint venture was effective at 12:00 a.m., Taiwan time,
April 4, 2014.
The non-cash transaction merged DNP
Photomask Technology Taiwan Co., Ltd. (DPTT), a wholly owned subsidiary of DNP,
into Photronics Semiconductor Mask Corporation (PSMC), a wholly owned subsidiary
of Photronics. Photronics and DNP own 50.01% and 49.99% of the joint venture,
respectively, and the financial statements will be included in the consolidated
financial statements of Photronics.
Governance of PDMC will be shared by
Photronics and DNP through a seven member board of directors with four
Photronics members and three DNP members. Dr. Peter Kirlin, Photronics’
President, will be named Chairman of the Board of PDMC,
Mr. Hideyuki Tanaka from DNP will be named Vice
Chairman and Vice General Manager, and Dr. Frank Lee, PSMC President, was named
General Manager.
Constantine (“Deno”) Macricostas,
Photronics' Chairman and Chief Executive Officer, commented, “This is a very
exciting day for our customers, partners and employees. Photronics DNP Mask
Corporation provides a combination of high-end technology and manufacturing
capacity, with scale and efficiency to offer superior long-term, strategic
capabilities for our customers in the region. Our high-end technology, strong
financial foundation and efficient operating model offer a powerful and
sustainable solution for semiconductor manufacturers in Taiwan.”
Koichi Takanami, Executive Vice
President, Dai Nippon Printing Co., Ltd. stated, “Taiwan is an important
photomask market. Photronics DNP Mask Corporation will bring to that market a
combination of DNP's logic photomask technologies, Photronics, Inc.'s memory
photomask technologies, and economies of scale. We will continue to work hard at
customer satisfaction by maximizing both companies' strengths in order to
provide enhanced products and services.”
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About Photronics
Photronics is a leading worldwide
manufacturer of photomasks. Photomasks are high precision quartz plates that
contain microscopic images of electronic circuits. A key element in the
manufacture of semiconductors and flat panel displays, photomasks are used to
transfer circuit patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat panel displays
and, to a lesser extent, other types of electrical and optical components. They
are produced in accordance with product designs provided by customers at
strategically located manufacturing facilities in Asia, Europe, and North
America. Additional information on the Company can be accessed at
www.photronics.com
The Private Securities Litigation
Reform Act of 1995 provides a “safe harbor” for forward-looking statements made
by or on behalf of Photronics, Inc. and its subsidiaries (the Company). The
forward-looking statements contained in this press release and other parts of
Photronics’ web site involve risks and uncertainties that may affect the
Company’s operations, markets, products, services, prices, and other factors.
These risks and uncertainties include, but are not limited to, economic,
competitive, legal, governmental, and technological factors as well as decisions
we may make in the future regarding our business, capital structure and other
matters. These forward-looking statements generally can be identified by phrases
such as “believes”, “expects”, “anticipates”, “plans”, “projects”, and similar
expressions. Accordingly, there is no assurance that the Company’s expectations
will be realized. For a fuller discussion of the factors that may affect the
Company's operations, see "Forward Looking Statements" in the Company's
Quarterly and Annual Reports to the Securities and Exchange Commission on Forms
10-Q and 10-K. The Company assumes no obligation to provide revisions to any
forward-looking statements.
About Dai Nippon Printing
DNP [Dai Nippon Printing Co., Ltd.] is
a world-class comprehensive printing company with 1.446 trillion yen in annual
revenues and approximately 40,000 employees. Based in Tokyo, Japan, DNP offers a
broad range of products and services for publishing, commercial printing, smart
cards, networking, and electronics components, among others. Its products in the
electronics field include color filters and other components for LCDs,
photomasks, and semiconductor-related components. In the photomask market DNP is
a world leader, utilizing its time-honored printing techniques and know-how in
the fabrication of cutting- edge photomasks.
05-2014
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