Photronics announces closing of joint venture in Taiwan

BROOKFIELD, USA: Photronics, Inc., a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, today announced the successful closing of the previously announced joint venture with Dai Nippon Printing Co., Ltd. (DNP).

The joint venture, Photronics DNP Mask Corporation (PDMC), will focus on serving semiconductor manufacturers in Taiwan. The closing followed regulatory approvals received from Taiwan authorities on March 28, 2014. The joint venture was effective at 12:00 a.m., Taiwan time, April 4, 2014.

The non-cash transaction merged DNP Photomask Technology Taiwan Co., Ltd. (DPTT), a wholly owned subsidiary of DNP, into Photronics Semiconductor Mask Corporation (PSMC), a wholly owned subsidiary of Photronics. Photronics and DNP own 50.01 pc and 49.99 pc of the joint venture, respectively, and the financial statements will be included in the consolidated financial statements of Photronics.

Governance of PDMC will be shared by Photronics and DNP through a seven member board of directors with four Photronics members and three DNP members. Dr. Peter Kirlin, Photronics' President, will be named Chairman of the Board of PDMC, Mr. Hideyuki Tanaka from DNP will be named vice chairman and vice general manager, and Dr. Frank Lee, PSMC President, was named General Manager.