Lam to Buy Bullen Assets

The semiconductor maker will pay $175 million in cash for certain assets.
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Lam Research

(LRCX) - Get Report

on Tuesday said it will buy the silicon growing and fabrication assets of privately held

Bullen Ultrasonics

for approximately $175 million in cash.

Eaton, Ohio-based Bullen makes machine components for the semiconductor, aerospace and automotive industries; Lam makes semiconductor processing equipment.

After the purchase, which is expected to close in 30 to 45 days, the acquired business will become Bullen Semiconductor, a division of Freemont, Calif.-based Lam.

"This transaction will enable us to secure a consistent supply of critical silicon materials essential to the performance of our etch chambers," Lam CEO Steve Newberry said.

Shares of Lam lost 21 cents to $46.80 in recent after-hours trade.