Axcelis Technologies, Inc. prices its initial public offering

BEVERLY, MASSACHUSETTS …Axcelis Technologies, Inc. (NMS:ACLS) today announced that its initial public offering of 15,500,000 shares of Common Stock has been priced at $22 per share. The Common Stock will begin trading on the Nasdaq National Market under the symbol "ACLS" on July 11, 2000.

Net proceeds to the company after underwriting discount and offering expenses are expected to be approximately $318 million and, together with available cash, will be used for the payment of a previously declared dividend to Eaton Corporation of $300 million and for general corporate purposes. Axcelis was formerly known as Eaton Corporation Semiconductor Equipment Operations. Eaton will continue to own more than 80 percent of the outstanding Axcelis shares after completion of the offering.

The offering was lead managed by Goldman, Sachs & Co. and Morgan Stanley Dean Witter with Lehman Brothers and Salomon Smith Barney. The underwriters have a 30-day overallotment option to purchase up to an additional 1,550,000 shares of Common Stock.

Axcelis Technologies, headquartered in Beverly, Massachusetts, is a leading producer of ion implantation equipment used in the fabrication of semiconductors. Axcelis also produces dry strip, photostabilization, and rapid thermal processing equipment used in semiconductor manufacturing, and provides extensive aftermarket service and support, including spare parts, equipment upgrades, maintenance services and customer training.

A copy of the prospectus can be obtained from Goldman, Sachs & Co., at 85 Broad Street, New York, NY 10004 (phone: 212/902-1000). These securities are offered only by means of a written prospectus and this is neither an offer nor a solicitation of an offer to buy.

 

 

Contact Information

Renald Romain
216-523-4736
rennyromain@eaton.com