Brooks Automation, Inc. (Nasdaq: BRKS) announced today that all required regulatory approvals, including the approval of the Committee on Foreign Investment in the United States (CFIUS), have been obtained with respect to the sale of the company's semiconductor cryogenics business to Edwards Vacuum LLC ( a member of the Atlas Copco Group). Brooks expects that the sale will close on or about July 1, 2019.
Steve Schwartz, president and CEO, commented, "We are pleased with the completion of the regulatory hurdles in the sale of the cryogenics business. We have worked closely with Atlas Copco in preparations to complete this transaction and for a smooth transition for the employees and customers of the business. The proceeds from the sale are expected to be used to reduce the debt on our balance sheet and to support continued investment in our continuing business with a primary focus on accelerating growth in Life Sciences."
Deal Background
In August 2018, Brooks entered into a definitive agreement to sell its semiconductor cryogenics business to Atlas Copco for $675 million in cash, subject to adjustments for working capital and other items. The semiconductor cryogenics business, consisting of the CTI and Polycold product lines and related services, provides a wide range of high-performance cryogenic products for the semiconductor, display, and general vacuum industries.
Brooks originally acquired the cryogenics business in its 2005 merger with Helix Technology and integrated the business into Brooks' Chelmsford, Massachusetts headquarters operations. The sale agreement provides for the transfer of the CTI pump business, the Polycold chiller business, the related services business and the company's 50% share in Ulvac Cryogenics, Inc., a joint venture based in Japan. Brooks is not transferring products or IP developed as part of its Life Sciences segment or vacuum automation portfolio in its Semiconductor Solutions segment.
About Brooks Automation
Brooks is a leading provider of life science and semiconductor manufacturing automation solutions worldwide. The Company applies its automation and cryogenics expertise to provide a full suite of reliable cold-chain sample management solutions across life sciences in areas such as drug development, clinical research and advanced cell therapies. Brooks recently added global capability for gene sequencing and gene synthesis services through its strategic acquisition of GENEWIZ, expanding its sample-based services offerings. With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision robotics, integrated automation systems and services. Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia. For more information, visit www.brooks.com.
