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[January 2003]
SEMX Sells Polese Co to Schwarzkopf Technologies Corp
SEMX Corporation (Armonk, NY, USA) has completed the sale of the stock of its San Diego based subsidiary, Polese Company Inc, to Schwarzkopf Technologies Corporation, an affiliate of Plansee AG, a private Austrian company.
Polese Co - which principally manufactures selected proprietary thermal management materials and ceramic packages for the microelectronics industry - was divested as SEMX concentrates on its core materials and interconnect business through its Semiconductor Packaging Materials division and its subsidiaries in Morocco and Malaysia.
SEMX Chairman, President and CEO, Gilbert Raker, said: "The consummation of the Polese Co. sale represents a further step in the Corporation's strategy to exit that portion of its business that is the most volatile and to downsize its business to a level at which it can survive the continued softness in its major markets".
He noted, however, that SEMX must still renegotiate or replace its current banking and gold consignment agreements, which have expired or expire shortly. He said that while there is no assurance that this can be accomplished, the divestiture of Polese Co reduced the amount of the corporation's outstanding debt and should improve its cash flow, making the corporation a more attractive borrower, although it owes its preferred shareholders a substantial sum of money.
SEMX is said to be in negotiations to sell its interest in International Semiconductor Products Pte Ltd, its majority owned wafer reclaim subsidiary located in Singapore.
ENDS