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Major semiconductor test companies to merge

23 June 2008 | By Síle Mc Mahon | News > Fab Management

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SapphireCredence and LTX have announced plans to combine operations in a tax-free, all-stock merger. Credence shareholders will own 50.02 percent of the outstanding shares of the combined company and LTX shareholders will own 49.98 percent.  "I am very excited about joining forces with LTX. This merger, from a technical and business point of view, represents the logical next step for both companies' long-term growth," said Lavi Lev, President and CEO of Credence. "We believe the combined strength of our technical expertise in RF, digital, mixed-signal and analog, coupled with a complementary product portfolio, will benefit our customers as they test and deploy high volume, highly integrated devices into their respective market segments. From a business perspective, the merger broadens our customer base and provides a strong opportunity for growth."

"The technical and business challenges faced by our customers continue to intensify as time to market shrinks and margins are pressured by demands for new features at lower prices," noted David Tacelli, CEO and President of LTX. "Now more than ever, it is vital we deliver cost optimized test solutions focused on our customers' specific technologies, product mix and device volume levels. We believe the timely merger of Credence and LTX enables us to build a test company with the financial strength, growth opportunities, critical mass, and operational efficiency to lead the industry as it faces these challenges."

Lavi Lev, President and CEO of Credence, is expected to become Executive Chairman of the combined company, though only for a transitional period following the merger, according to a press statement. David Tacelli, CEO and President of LTX, will become CEO and President, and Mark Gallenberger, CFO and Vice President of LTX, will become CFO.

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