Photon Dynamics Acquires Intevac Business

SAN JOSE, Calif., Nov. 6 -- Photon Dynamics Inc. announced it has completed its acquisition of the rapid thermal processing (RTP) portion of the flat-panel display capital equipment business of Intevac Inc.

Intevac, based in Santa Clara, has sold its patented RTP technology used for activating low-temperature poly-silicon (LTPS) films during the manufacturing process for flat-panel displays (FPDs) to Photon Dynamics.

Photon Dynamics bought the RTP technology and related business assets from Intevac in exchange for approximately $20 million in cash and the assumption of certain liabilities. Two million dollars of the payment will be held in escrow for a year following the closing.

Photon Dynamics will hire 23 Intevac employees, who will relocate to Photon Dynamics' San Jose location.

"RTP technology will be required by FPD manufacturers to address emerging LTPS display applications, which are growing rapidly," said Vincent Sollitto, president and CEO of Photon Dynamics. "Intevac's patented technology is critical for the manufacture of LTPS active matrix, thin-film transistor liquid crystal displays and organic light emitting diodes (OLEDs).
"The RTP technology allows manufacturers to change the properties of these thin films 'activation' by thermally processing the poly-silicon layer at temperatures that would otherwise distort or destroy the underlying glass substrate," Sollitto said.

For more information, visit: www.photondynamics.com