 Lam Research Corporation has signed a definitive agreement to acquire the silicon growing and fabrication assets of Bullen Ultrasonics for approximately $175 million in cash. Bullen Ultrasonics, headquartered in Eaton, Ohio, with a components manufacturing facility in China makes silicon parts used within Lam's etch tools and makes up the majority of Bullen's revenues. Bullen has been a critical components supplier to Lam since 1991.
"This transaction will enable us to secure a consistent supply of critical silicon materials essential to the performance of our etch chambers," stated Steve Newberry, president and chief executive officer of Lam Research. "Bullen has been a key supplier to Lam since 1991, and is a recognized leader in silicon growing, ultrasonic impact grinding, and precision machining technology used in silicon material fabrication. We intend to build upon the strong track record of accomplishments established by the Bullen team and expect our shared values and business alignment to provide a solid foundation for future success." The transaction is expected to close in 30 to 45 days. Following the closing, the silicon growing and fabrication related business will become Bullen Semiconductor, a division of Lam. The remaining assets of Bullen Ultrasonics, independent of Lam, will operate as a supplier of machining and fabrication services for non-silicon hard, brittle materials to a variety of industries, the company stated. According to documents supplied by Lam, the founders of Bullen wanted to sell up and gain access to their assets with no other parties involved in the transaction. Lam is indicating that the acquisition is a defensive move to secure the future supply of critical components to its core product range. Approximately $30 million of further investment in the Bullen operations is expected by Lam over the next few years and could also provide an avenue into the solar wafer market with Bullen's silicon crystal technology and expertise.
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