MILPITAS, CA, October 16, 2006 – Celerity, Inc., a leading provider of advanced gas and chemical delivery solutions to the global semiconductor and electronics industries, today announced that it has sold its subsidiary, FTS Systems, to SP Industries. FTS Systems, located in Stone Ridge, NY, is a manufacturer of precision thermal control systems serving the pharmaceutical, biotechnology, and industrial markets. Terms of the deal and purchase price were not disclosed.
This sale underlines Celerity's focus on serving the semiconductor and broader electronics industry. Celerity plans to use the proceeds to further invest in key initiatives related to its advanced gas and chemical process modules.
"Celerity's sale of its FTS subsidiary enables a continued focus on our instrumentation, subsystems and service businesses with our semiconductor OEM and end-user customers," stated John Ferron, CFO of Celerity. "This deal strengthens our balance sheet and enhances our ability to consider complementary strategic opportunities in our core business."
About Celerity
Celerity is a leader in the design and production of high-performance gas and chemical delivery process modules that are integral to the equipment used in manufacturing semiconductors, flat panel displays, and related products. Celerity, headquartered in Milpitas, California, has over 1100 employees worldwide, and is a privately held company with a majority ownership by Texas Pacific Group. For additional information, please visit www.celerity.net.
About FTS
For more than 30 years, FTS Systems has been a leading maker of innovative R&D, process development, pilot and production freeze-dryers, and other thermal management systems. Built on a foundation of advanced thermal engineering, all FTS products feature ultra-reliable, low temperature performance, with robust, easy-to-use controls. For more information, please visit www.ftsystems.com.
About SP Industries
SP Industries is a global supplier of specialty glassware, environmental control chambers, and laboratory to production scale freeze dryers. Its products are marketed under the well-known brands of Wilmad-LabGlass®, Hotpack®, VirTis®, and Hull®. SP TechCare, the service arm of SP Industries, provides after sale support for all SP equipment products. All SP facilities are ISO 9001:2000 registered. For more information, please visit www.spindustries.com.