FormFactor Announces Global Manufacturing Expansion
September 20, 2007
New Singapore facility groundbreaking ceremony at construction site on September 21
LIVERMORE, Calif. – September 20, 2007 – FormFactor, Inc. (Nasdaq: FORM) today announced official plans to expand its wafer probe card manufacturing operations with the construction of an approximately 300,000 square-foot facility in the Tampines district of Singapore. In addition to increasing its manufacturing capacity, FormFactor will leverage the new site to bolster its customer service and support infrastructure in Asia, which currently includes regional service and sales locations in Taiwan, Korea and Japan. A groundbreaking ceremony to launch the construction of the facility will be held at the new site on September 21, 2007.
To support the expansion, FormFactor expects to employ approximately 1000 people over a multi-year ramp of the facility. The facility is expected to ramp production in early 2009. “This new facility further strengthens our commitment to becoming more local to our customers in Asia,” said FormFactor CEO, Igor Khandros. “When fully operational, we expect to accelerate product development cycles and further shorten product delivery times and turnaround times for service.”
The Singapore location was chosen due to its highly skilled workforce, a favorable environment for intellectual property (IP) protection and beneficial operating costs. “Singapore offers a business-friendly environment and a gateway to all of our customers in Asia. We consider this expansion an important next step in better serving the needs of all of our customers,” added Khandros.
The Singapore expansion, including facility construction, hiring and equipment outfitting, is projected to represent a US$200 million investment by FormFactor.
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 business momentum, demand for our products and solutions 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 demand for certain semiconductor devices; the company’s ability to timely ramp its Singapore facility; the company’s ability to accelerate product development cycles, shorten product delivery times, as well as turnaround times for service; and the company’s continuing ability to innovate and develop and deliver the next generation of testing technology to help enable semiconductor manufacturers to lower their test costs. Additional information concerning factors that could cause actual events or results to differ materially and adversely from those in any forward-looking statement is contained in the company’s filings with the Securities and Exchange Commission, including the company’s Form 10-K for the fiscal period ended December 30, 2006 and subsequent Form 10-Q and 8-K 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 and adversely from those anticipated in forward-looking statements.