Swiss technology company, Unaxis, is selling its Large Area Coating division (LAC) to the United States firm, Applied Films Corporation, for $60 million (SFr106 million) and 10 per cent of the shares, after a capital increase.
The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2001.
Unaxis, formerly Oerlikon-Bührle, said earlier this year that it intended to spin off the division in line with it strategy to focus on information technology.
"We are very excited to integrate LAC's innovative technologies into the Applied Films product family," said Thomas Edman, president and chief executive of Applied Films Corporation. "LAC has an excellent portfolio of technologies that will expand our market reach."
The large area coating technologies offered by Unaxis comprise in-line systems for architectural glass, web-coaters for food packaging as well as in-line systems for passive display applications such as colour filters.
LAC, which has its headquarters in Alzenau, Germany, will operate as a wholly owned subsidiary of Applied Films. LAC's management and employees will be taken over by Applied Films.
swissinfo with agencies