June 27, 2008 - Intevac has agreed to purchase OC Oerlikon Balzers' magnetic media equipment business, a deal that bolsters Intevac's systems and IP and helps Oerlikon streamline operations and shed noncore assets. Terms of the deal, including a purchase price, were not disclosed. The transaction is expected to close in early 3Q08.

"Our customers have undergone significant consolidation; and consequently, it is necessary for the supply base to consolidate as well," said Intevac president/CEO Kevin Fairbairn, in a statement. Intevac will continue to support Oerlikon's installed product base through its global service organization.

Uwe Krüger, Oerlikon's CEO, noted that the deal is part of Oerlikon's strategy "to focus on high-growth and clean energy markets," adding that Intevac's long-term commitment to the magnetic media market and successful product line makes them a "logical" home for the business and IP.