FormFactor Acquires Technology Assets of Electroglas, Inc
October 5, 2009
LIVERMORE, Calif. – October 5, 2009 – FormFactor, Inc. (Nasdaq: FORM) today announced that the Delaware Bankruptcy Court has approved FormFactor’s acquisition of intellectual property rights and certain technology assets of Electroglas, Inc. related to precision motion control automation. The purchase provides FormFactor with IP and physical assets the company will use in its manufacturing operations. The acquisition does not include physical assets and technology solely used in the Electroglas prober business, which are expected to be purchased by a third party as part of a separate auction process. The assets acquired by FormFactor were made available at auction as part of activities related to Electroglas’ bankruptcy proceedings.
“The technologies we are acquiring are the product of significant investment in the research and development of high accuracy motion control,” said Mario Ruscev, chief executive officer of FormFactor. “With these new capabilities, we will continue to improve our manufacturing efficiency and provide our customers with even higher quality end products.”
In February 2009, Electroglas and FormFactor entered into an agreement for Electroglas to supply tools and technology to FormFactor. In July 2009, Electroglas announced it had filed for Chapter 11 bankruptcy protection.
Statements in this press release that are not strictly historical in nature are forward-looking statements within the meaning of the federal securities laws, including statements regarding our products and solutions, demand for our products and future growth. These forward-looking statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to: the Company’s ability to close successfully the Electroglas asset purchase, to implement the Electroglas assets into the Company’s manufacturing processes, to improve its manufacturing efficiency and deliver to customers even higher quality end products. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in the company’s Form 10-K for the fiscal year ended December 27, 2008 and Form 10-Q for the fiscal quarter ended June 27, 2009 as filed with the Securities and Exchange Commission (“SEC”), and subsequent SEC filings. Copies of the company’s SEC filings are available at http://investors.formfactor.com/edgar.cfm. The company assumes no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.