APPLIED MATERIALS AND ASM RESTRUCTURE $65 MILLION NOTE
SANTA CLARA, Calif., December 23, 1998 -- Applied Materials, Inc. and
ASM International, N.V. ("ASM") announced today that ASM's obligations to
Applied Materials pursuant to a November 1997 litigation settlement have been
restructured. In November 1997, Applied Materials and ASM settled all outstanding
litigation, and Applied Materials received from ASM a Subordinated Convertible Note
("Note") for $80 million, due and payable in November 1998. ASM made a partial
payment of $15 million against the Note in November 1997.
Applied Materials and ASM have restructured the Note, with ASM paying $20 million on
December 23, 1998, and agreeing to pay $10 million on or before November 2, 1999 and $35
million on or before November 2, 2000. Applied Materials will record cash payments from
ASM as non-operating income upon receipt. In addition, Applied Materials received security
for the Note, 1.5 million warrants to acquire shares of ASM at $5.375 per share and
certain other licensing considerations.
This press release contains certain forward-looking statements that are subject to
known and unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such risks and
uncertainties include, but are not limited to, ASM's timely payment of its obligations
under the Note. Applied Materials and ASM do not assume any obligation to update the
information in this press release.
Applied Materials, Inc. is a Fortune 500 global company and the world's largest
supplier of wafer fabrication systems and services to the global semiconductor industry.
Applied Materials is traded on the Nasdaq National Market under the symbol,
"AMAT". Applied Materials' website is http://www.appliedmaterials.com.
ASM International, N.V. is headquartered in Bilthoven, The Netherlands. ASM
subsidiaries design, manufacture and market equipment and materials used to produce
semiconductor devices. ASM and its subsidiaries provide production solutions for the wafer
processing, assembly and packaging segments through their facilities in the United States,
Europe, Japan and Asia. ASM's common shares trade on Nasdaq under the symbol
"ASMIF" and on the Amsterdam Exchanges under the symbol "ASMI".
Additional information on ASM can be found on its website at http://www.ASM.com.