Amtech Systems, Inc. (NASDAQ: ASYS), a global supplier of production and automation systems and related supplies for the manufacture of solar cells, today announced it has completed its previously announced acquisition of 55% ownership of Kingstone Technology Hong Kong Limited, a Hong Kong-based holding company that owns 100% of Kingstone Semiconductor Company Ltd, a Shanghai-based technology company specializing in ion implant solutions for the solar and semiconductor industries.
J.S. Whang, Chief Executive Officer of Amtech, commented, “With completion of this acquisition, Amtech has established a technology beachhead in a strategically key region of the world, increased our technology expertise, and created a solid foundation for future opportunities for our solar business. The primary purpose for acquiring Kingstone’s ion implant technology is to provide our customers with a more complete solution for their future higher efficiency solar cell production. While ion implantation eliminates certain solar cell manufacturing steps, it still requires a diffusion furnace annealing step to repair the inherent damage to the silicon wafer during the ion implant process. Therefore, we believe ion implant and diffusion furnace technologies will compliment each other and largely grow together into the future market. And we believe the combination of Amtech’s leadership in solar diffusion and Kingtone’s expertise in ion implant technology creates the best opportunity for successful development of an ion implant machine for the solar market.”
As previously disclosed, for its 55% ownership, Amtech paid $5.5 million in the form of cash and stock and $4 million in the form of a contingent promissory note. The payments of up to $4 million pursuant to the contingent note are to be made to the acquired company and used to fund Kingstone Semiconductor’s development of a next generation solar ion implant machine. Amtech will have exclusive worldwide rights to sell and service any solar ion implant machine developed by Kingstone Semiconductor. Over the next two years, Amtech will provide additional funding for the development of the next generation solar ion implant machine.
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