Business Services Industry
Massachusetts Semiconductor Equipment Companies Announce Merger.
Knight Ridder/Tribune Business News, October, 2001
By Ross Kerber, The Boston Globe Knight Ridder/Tribune Business News
Oct. 25--Brooks Automation Inc. of Chelmsford said it plans to buy another local maker of semiconductor equipment, PRI Automation Inc. of Billerica, for stock worth $420 million.
The companies said they plan to eliminate about 10 percent of their combined work force of 3,300 people through layoffs and attrition, though the majority of those affected will be outside Massachusetts.
Together, the companies have about 1,100 Bay State employees.
The merger comes amid falling orders from the chip-makers who are the prime customers of both companies, and their shares have each fallen about 50 percent this year. But Brooks shares remained valuable enough for the...
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