Manufacturing Industry
Eaton Completes Spin-off of Axcelis Technologies
Electronic News, Jan 8, 2001
CLEVELAND-BASED EATON Corp. completed the spin-off of its semiconductor equipment business on Dec. 29, making Axcelis Technologies Inc. an independent company. Eaton sold off 1.179023 shares of Axcelis common stock as a dividend on each Eaton Corp. common share outstanding as of Dec. 6. In April of last year, Eaton announced its plan to reorganize its semiconductor equipment operations into a wholly owned subsidiary and to have that subsidiary conduct an IPO of less than 20 percent of its common stock.
The IPO was completed in July. In October, Eaton's board of directors declared the dividend of Axcelis common stock that was paid at the end of last year.
COPYRIGHT 2001 Reed Business Information, Inc. (US)
COPYRIGHT 2008 Gale, Cengage Learning
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