News Article
Metron Technology And FSI International Announced Early Termination Of
Metron Technology and FSI International announced early termination of
distribution agreements in Europe and the Asia-Pacific region, with a
closing date effective March 1, 2003.
From that date, FSI will assume direct sales, service and applications
support and logistics responsibilities for its surface conditioning and
microlithography products in Europe and the Asia-Pacific region. Metron will
continue to represent FSI products in Israel. m.FSI, a joint venture between
FSI and Mitsui, will continue to represent FSI products in Japan.
FSI will advance up to $4.0mn to Metron on a secured basis to be applied
toward the repurchase by FSI of inventory and equipment that Metron
currently holds to support its obligations under the current distribution
arrangement. FSI has agreed to pay Metron an early termination fee of
$2.75mn in the shape of 1.154mn Metron shares now owned by FSI. Some 90
Metron employees will transfer to FSI.
Don Mitchell, chairman/CEO of FSI, explains the move: "Due to trends in the
equipment business and our own strategic reasons, we have decided to sell
our products directly in Europe and the Asia-Pacific region. We look forward
to working with Metron to provide our worldwide customers a seamless
transition."
toward the repurchase by FSI of inventory and equipment that Metron
currently holds to support its obligations under the current distribution
arrangement. FSI has agreed to pay Metron an early termination fee of
$2.75mn in the shape of 1.154mn Metron shares now owned by FSI. Some 90
Metron employees will transfer to FSI.
Don Mitchell, chairman/CEO of FSI, explains the move: "Due to trends in the
equipment business and our own strategic reasons, we have decided to sell
our products directly in Europe and the Asia-Pacific region. We look forward
to working with Metron to provide our worldwide customers a seamless
transition."
