Photon Dynamics acquires Intevac’s RTP business

Nov. 4, 2002–San Jose, CA–Photon Dynamics Inc. has completed its acquisition of the rapid thermal processing (RTP) portion of the flat panel display (FPD) capital equipment business of Intevac Inc., Santa Clara, CA.

Photon Dynamics purchased the RTP technology, used for activating low-temperature polysilicon films during the manufacturing process for FPDs, and related business assets from Intevac in exchange for approximately $20 million in cash and the assumption of certain liabilities. Two million dollars of the payment will be held in escrow for a period of one year following the closing. Release of the escrow funds will be subject to a number of conditions.

Additionally, 23 personnel from Intevac will be hired by Photon Dynamics and will relocate to Photon Dynamics’ San Jose, CA, location.

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