Aug 28 2007
Nanometrics Incorporated, a leading supplier of advanced metrology equipment to the semiconductor industry, today announced that the company has completed the sale of certain real estate holdings in Narita, Japan and Milpitas, California.
Included in the real estate sales were a facility in Japan, which housed the flat panel display business that Nanometrics sold in 2005, and a residential condominium near the company’s headquarters in Milpitas. Sales of these real estate assets are expected to reduce debt by $1.2 million, contribute nearly $2 million in cash and result in an income statement gain of approximately $1.2 million during the third quarter of 2007.
“We are pleased to announce the successful sale of our facility in Japan – which had sat unutilized for nearly two years – as well as the condominium in Milpitas,” commented Tim Stultz, president and chief executive officer of Nanometrics. “This announcement is another benchmark to demonstrate our company’s ability to monetize fixed assets and dispose of businesses no longer critical to our mission, such as the machining and plating shop closure announced earlier this month. These steps improve our profitability and cash flow, similar to the successful second-quarter divestitures of the Yosemite CD-SEM technology and DiVA product line.”