Orbotech to Acquire San Jose-Based Photon Dynamics for $290M

San Jose, Calif. -- Orbotech, an Israel-based developer of supply chain technology for the electronics industry, said on Thursday that it will pay about $290 million in cash to acquire Photon Dynamics, a San Jose-based maker of test and repair systems for the liquid crystal (LCD) flat panel display industry. Orbotech said that the deal, it's largest to date, will help it grow and diversify its flat panel display business. "By teaming up with Orbotech… we will be able to grow the combined business and improve its competitive positioning as we face a maturing industry," said Jeffrey Hawthorne, the president and CEO of Photon Dynamics. The deal is expected to close during the second half of this year.
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