ENTG - Entegris Element Solutions terminate distribution deal for $200M

2023-06-05 07:48:55 ET

Entegris ( NASDAQ: ENTG ) said Monday it has terminated its distribution agreement with Element Solutions ( NYSE: ESI ) in exchange for $200M; it has received $170M at closing, with the rest to be paid at the conclusion of a transition period.

The agreement provided Entegris ( ENTG ) the exclusive right to distribute MacDermid Enthone ViaForm copper plating chemistries, which are used in front-end chip making electrochemical deposition processes.

Element Solutions ( ESI ) also said it agreed to acquire Kuprion Inc., a developer of next-generation nano-copper technology to the semiconductor, circuit board and electronics assembly market, for an undisclosed sum.

"The transactions we are announcing today together are immediately accretive to adjusted earnings per share and result in a sizeable cash tax benefit," Element Solutions ( ESI ) President and CEO Benjamin Gliklich said.

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