Eaton, Ohio (PressExposure) October 10, 2006 -- Bullen Ultrasonics today announced that it has signed a definitive agreement to sell the silicon growing and silicon fabrication assets at its Franklin Street and Suzhou, China Plants to Lam Research Corporation (NASDAQ: LRCX). Bullen Ultrasonics, based in Eaton, Ohio is a privately held supplier of precision machined components to the semiconductor, medical, defense, automotive and various other industries.
Bullen's President, Steve Brown, remarks "The Franklin Street Plant's silicon growing and machining operation has grown steadily from '98 through'04 and has experienced rapid growth over the last two years. Sales and employment have doubled in just the last 2 years. The company has become recognized world wide as the source for high quality silicon components, which is pretty remarkable for a small family business in Preble County. One of the reasons for this growth has been the success of one of our best customers, Lam Research Corporation."
Under the terms of the agreement, Lam will acquire all assets related to Bullen's silicon growing and fabrication business. This includes supplying chamber critical components for Lam tools as well as for other customers in the Semiconductor industry. The transaction is expected to close in 30-45 days. After the transaction closes, Bullen's silicon growing and fabrication related business will become a division of Lam. Bullen Ultrasonics, Inc. will continue to operate as a supplier of machining and fabrication services to a variety of industries. Recently, this part of the business moved into a newly renovated plant on Miller Williams Road in Eaton. The state of the art plant provides for a new Research and Development department, which will expand Bullen's capabilities in machining engineered ceramics and other critical materials for primarily the microelectronics industry. "I am very excited about our future here at the Tech Center, which is short for the James E. Bullen "Technology Center, named after our founder," remarked Mary Bullen, General Manager of Bullen Ultrasonics. "We are very proud of the business and the success we have had. Our workforce has made that success possible. Now, we can concentrate all our efforts on the remaining part of the business."
Bullen's executive management team and the owners worked hard to assure the future of the Franklin Street plant in the community. Much time and effort were applied to assure the same level of pay and benefits that the employees of the plant are currently receiving.
"Lam has done a great job of ensuring there is little impact on Bullen employees because of this sale. The pay and benefit structures remain almost identical, and in some cases improved," stated Bill Hutton, Bullen's Human Resource Manager. "Lam is making a large financial investment in Preble County that will benefit all employees as well as the community."
The past plant manager of the Franklin Street Plant and now the Tech Center Plant manager, Tony Little is very excited about the potential of the new facility as well as confident in the continued success of both organizations. He remarked "I have been close to the situation over the last several months and feel assured that the business Bullen Ultrasonics, Inc. has nurtured into a great place to work and a strong resource for the community, will continue after the sale. Change is never easy. But, the efforts in developing this agreement, by both sides, is evidence of their commitment to insuring the success of the business."
"This transaction will enable us to secure a consistent supply of critical silicon materials essential to the performance of our etch chambers," stated Steve Newberry, president and chief executive officer of Lam. "Bullen has been a key partner to Lam's since 1991, and is recognized as a leader in single crystal silicon growing, ultrasonic impact grinding and precision machining technology used in silicon material fabrication. We intend to build on the strong track record of accomplishments established by the Bullen team and expect our shared values and business alignment to provide a solid foundation for future success."