San Jose, California-based Integrated Process Equipment Corp reports that it has completed acquisition of Westech Systems Inc of Phoenix, Arizona: Integrated designs and manufactures proprietary semiconductor wafer processing equipment for integrated strip, etch and post-chemical mechanical planarisation clean room applications, and Westech manufactures precision wafer chemical mechanical planarisation systems used in complex semiconductor device manufacture; Integrated sees combined revenues of some $37m to $40m for 1993; in order to improve Westech’s cash position following the merger, the shareholders of Westech agreed to reduce the amount of cash payable upon the merger from $4.5m to $900,000 and to increase their Integrated shares to $4m from the previous $1.5m; the equivalent of $6m in shares of Integrated convertible preferred stock is payable as an incentive based on increases in sales by the Westech business in the next three years.
