MILPITAS, Calif., Oct. 5, 2016 /PRNewswire/ -- KLA-Tencor
Corporation (NASDAQ: KLAC) (the "Company") and Lam Research Corp.
(NASDAQ: LRCX) today announced that they have agreed to terminate
their proposed merger agreement. The parties decided to it was not
in the best interests of their respective stakeholders to continue
pursuing the merger after the U.S. Department of Justice (the
"DOJ") advised KLA-Tencor and Lam Research that it would not
continue with a consent decree that the parties had been
negotiating. No termination fees will be payable by either the
Company or Lam Research in connection with the termination of the
Merger Agreement.
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"Although we are disappointed with this outcome, KLA-Tencor's
performance over the past several quarters demonstrates the Company
is executing our strategies at a high level and creating compelling
value for the industry and for our stockholders," commented
Rick Wallace, President and Chief
Executive Officer of KLA-Tencor.
"Today our customer engagement and market leadership is strong
and KLA-Tencor is delivering superior financial results. Growth and
earnings momentum is expected to continue as we go forward, fueled
by new products in the marketplace today, and with many more
products in the pipeline," continued Mr. Wallace. "Additionally,
our collaboration over the past year with Lam Research and with our
customers has affirmed the value of closer cooperation between
process and process control for new, enabling solutions. For that
reason, we plan to explore collaboration opportunities with Lam
Research around programs identified as beneficial to our
customers."
Investor Conference Call Information
KLA-Tencor will
hold a conference call that begins at 10:00
a.m. EDT/7:00 a.m. PDT on
Thursday, October 6, 2016. A live
webcast will be available on the Investor Relations page
at www.kla-tencor.com. Dial-in details are Toll Free: 1 (888)
444-4022; Conference ID: 80449936. Participants should dial in 15
minutes before the call to allow time to be connected by the
operator.
About KLA-Tencor
KLA-Tencor Corporation (NASDAQ: KLAC), a leading provider of
process control and yield management solutions, partners with
customers around the world to develop state-of-the-art inspection
and metrology technologies. These technologies serve the
semiconductor, LED, and other related nanoelectronics industries.
With a portfolio of industry standard products and a team of
world-class engineers and scientists, the company has created
superior solutions for its customers for nearly 40 years.
Headquartered in Milpitas, Calif.,
KLA-Tencor has dedicated customer operations and service centers
around the world. Additional information may be found at
www.kla-tencor.com. (KLAC-F)
Caution Regarding Forward-Looking Statements
Statements in this press release regarding KLA-Tencor's growth
and earnings momentum constitute forward looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. There are a number of important factors that could
cause actual results or events to differ materially from those
indicated by such forward-looking statements, including: the
demand for semiconductors; the financial condition of the global
capital markets and the general macroeconomic environment; new and
enhanced product and technology offerings by competitors;
cancellation of orders by customers; the ability of KLA-Tencor's
research and development teams to successfully innovate and develop
technologies and products that are responsive to customer demands;
KLA-Tencor's ability to successfully manage its costs; market
acceptance of KLA-Tencor's existing and newly issued products;
changing customer demands; and industry transitions; and the other
factors described in KLA-Tencor's Annual Report on Form 10-K filed
with the Securities and Exchange Commission on August 5, 2016. KLA-Tencor disclaims any
intention or obligation to update any forward-looking statements as
a result of developments occurring after the date of this press
release, except to the extent required by law.
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SOURCE KLA-Tencor Corporation