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Printed Circuit Design & Fab Magazine

YAVNE, ISRAEL and SAN JOSE, CA - Orbotech Ltd. and Photon Dynamics, Inc. have announced that they have reached agreement for Orbotech to acquire Photon Dynamics, a provider of test and repair systems for the LCD display industry.

Under the terms of the agreement, Orbotech will pay approximately $290 million for the acquisition.

Orbotech reports that the acquisition is a part of the company’s strategy for growth and diversification in its flat panel display business.

"[The acquisition] will allow us to capitalize more comprehensively on current and emerging opportunities in the flat panel display industry, while building upon and further expanding our current range of solutions," said Rani Cohen, CEO of Orbotech.

Jeffrey A. Hawthorne, CEO of Photon Dynamics commented, "By teaming up with Orbotech... we will be able to grow the combined business and improve its competitive positioning as we face a maturing industry."

The boards of directors of both companies have approved the acquisition. The transaction is subject to customary conditions, including stockholder and regulatory approvals, and is expected to close during the second half of 2008.

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Orbotech to Acquire Photon Dynamics

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