Axcelis Files Registration Statement for Initial Public Offering
5 May 2000
Eaton's Axcelis Technologies, Inc. Files Registration Statement for Initial Public Offering
CLEVELAND--May 5, 2000--Eaton Semiconductor Equipment Subsidiary --
Eaton Corporation today announced that its wholly owned subsidiary, Axcelis Technologies, Inc. (formerly named Eaton Semiconductor Equipment Inc.), has filed a registration statement with the Securities and Exchange Commission (SEC) for the initial public offering (IPO) of common stock.
On April 26, 2000, Eaton Corporation announced its intent to reorganize its semiconductor equipment operations into an independent company and conduct an IPO for this business. After the offering, Eaton will own more than 80% of the shares of this company. Eaton Corporation currently plans to complete its divestiture of the remaining Axcelis stock on a tax-free basis to Eaton Corporation shareholders approximately six months following the completion of the IPO, subject to receiving a favorable tax ruling and Board of Directors' approval.
Eaton also announced the senior managers and directors of Axcelis. They are: Stephen R. Hardis, chairman; Brian R. Bachman, vice chairman and chief executive officer; Mary G. Puma, president and chief operating officer; and Alexander M. Cutler, director, all of whom currently hold senior management positions with Eaton Corporation. In addition to directors Hardis, Bachman and Cutler, director nominees of Axcelis are: Ms. Puma; Ned C. Lautenbach, partner of Clayton, Dubilier & Rice, Inc.; Philip S. Paul, chairman of Paul Capital Partners, L.L.C.; Naoki Takahashi, director, senior vice president and general manager of Sumitomo Heavy Industries, Ltd. Precision Products Division; and Gary L. Tooker, former chairman and chief executive officer of Motorola, Inc.
Goldman, Sachs & Co. and Morgan Stanley Dean Witter are the representatives of the underwriters for the offering. The public offering will be made only by means of a prospectus which, when available, may be obtained by writing or calling the underwriters.
The registration statement filed today has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy. There will not be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.