Photronics, Dai Nippon Printing To Form JV In Taiwan - Quick Facts

(RTTNews) - Photronics, Inc. (PLAB) announced an agreement with Dai Nippon Printing Co., Ltd. or DNP to merge Photronics Semiconductor Mask Corporation or PSMC, a majority owned unit of Photronics, with DNP Photomask Technology Taiwan Co., Ltd. or DPTT, a subsidiary of DNP, to form a joint venture focused on serving semiconductor manufacturers in Taiwan. Photronics and DNP would own 50.01% and 49.99% of the joint venture, respectively, and its financial statements would be included in the consolidated financial statements of Photronics, Inc. The non-cash transaction is likely to be finalized in the first half of Photronics' fiscal 2014.

The joint venture would leverage DNP's technology processes in logic photomasks and PSMC's advanced technology processes in memory photomask manufacturing and operating scale; and would operate under the name Photronics DNP Mask Corporation or PDMC. The current PSMC President, Frank Lee, may be appointed as the joint venture's General Manager.