Photronics, Micron Sign New Lease

Photronics Inc., a Brookfield, Conn.-based photomask maker, and Micron Technology Inc. have entered into a new operating lease agreement on the NanoFab mask venture and will terminate their original capital lease agreement. In 2006, Photronics and Micron joined forces to establish a technology center to develop and produce photomasks for next-generation semiconductors. Under the new agreement, quarterly lease payments will be reduced from $3.8 million to $2.0 million, and the lease term will be extended from Dec. 31, 2012 to Dec. 31, 2014. All outstanding debts and assets associated with NanoFab will be reduced by approximately $30 million, according to Photronics.