Here are more details and analyst responses on the Applied Materials Kokusai purchase and my own thoughts at the end:
(Reuters, LINK) - U.S. chip gear maker Applied Materials Inc (AMAT.O) on Monday agreed to buy Japanese peer Kokusai Electric for $2.2 billion from KKR & Co Inc (KKR.N), as it bets on rising demand for memory chips used in data centers, 5G phones, and AI-powered devices.
In summary:
- Kokusai is a small acquisition for Applied materials as compared to the previously failed mega-merger with Tokyo Electron, meaning that the road to approval should be easy. However, China’s willingness from a political standpoint is always a risk, Evercore analysts said.
- Apart from China, the acquisition will need approvals from Israel, Ireland, Japan, Korea and Taiwan, Applied Materials Chief Financial Officer Dan Durn said on a call with analysts.
- Kokusai, which counts Samsung, SK Hynix, Toshiba and Micron among its top customers, reported revenue of $1.24 billion as of March 2018.
- Kokusai’s batch wafer processing tools are less technology intensive than Applied Materials’ single wafer tools, the recent focus on ultra-thin films has driven renewed interest in this group, DA Davidson analysts said.
So this whole purchase is really about Applied Materials getting a state of the art ALD technology for the memory business (DRAM and 3DNAND). The last readout is a bit crazy, the analyst refers to ALD as an "Ultra Thin Films". Anybody who has followed the ALD business the previous 15-20 years know that Applied Materials has repeatedly failed to take a big market share in ALD and that a Japanese Large Batch ALD reactor is one of the most advanced and reliable ALD tools out there - simply because nobody would like to trash a full load of +100 product wafers. The top three domination has been by:
- ASM International
- Tokyo Electron
- Kokusai
The top 3 has been followed by Lam Research, Jusung Engineering, Wonik IPS and Applied Materials was always somewhere in this bunch. Even the inrodcution of the new Spatial ALD Olympia platform didn´t change things. It seems that Tokyo Electron took a large part of the spatial ALD market with their NT333 tool and ASM was able to defend their single wafer approach by making the XP platform super productive by adding more chamber slots (up to 16 for the latest ASM XP8 QCM).
When it comes to IP in Spatial ALD, Tokyo Electron is No.1 followed by Applied Materials (see below).
IP Applications for spatial ALD
Magically, Kokusai settled the IP issues with ASM just before the Applied announcement (LINK). Historically, Kokusai has been masters in avoiding to call ALD ALD because of the IP situation. However, now there is a different situation and Kokusai also have single wafer ALD out there, and Applied is dominating the BEOL films deposition business so we can assume that Applied will enter top three and have a go at No 1. Exciting!
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