The value of micro cap stock for FSI International Inc. (NASDAQ:FSII) soared on Monday after Tokyo Electron Ltd. announced it had agreed to buy FSI for about $243 million in cash, The Wall Street Journal reports.
During its announcement of the deal, Tokyo Electron, which makes semiconductors and other displays for production equipment, said that FSI was "a leading provider of cleaning and surface preparation equipment." By integrating FSI's technology into its own water surface preparation equipment, Tokyo Electron says it will be able to create an even more impressive lineup of products.
According to the news source, the deal will likely be completed by the end of 2012. FSI is a major supplier of surface conditioning products, technology and support for the microelectronics manufacturing industry. Tokyo Electron was interested in its large portfolio of cleaning products, including batch and single-wafer immersion platforms, spray and cryogenic aerosol technologies.
Tokyo Electron hopes to use the products to improve its own line of coater developers, oxidation/diffusion furnaces, dry etchers, CVD systems and others.
Shares of FSI surged 52.5 percent on the announcement, climbing to $6.15 by 3:25 on August 13.