California-based Applied Materials Inc. and Japan-based Tokyo Electron Ltd., both manufacturers of photovoltaic, semiconductor and flat-panel display manufacturing equipment, have unveiled what their combined company will be named once their planned merger closes: Eteris.
Derived from the concept of eternal innovation for society, Eteris embodies the spirit of what will drive the new company and speaks to what makes the combination unique, the partners say.
‘With a new name, mission and vision, we are bringing our new company into focus so that we can move quickly, execute our combined strategy and begin to create value as soon as the merger closes," says Gary Dickerson, president and CEO of Applied Materials.
In September 2013, the two companies announced plans to merge via an all-stock combination that values the new company at approximately $29 billion. The unveiling of the new name is the latest milestones in the merger's progress. Last month, the companies' stockholders declared strong support for the deal, with approximately 99% of the shares at the Applied Materials stockholder meeting and 95% of the shares at the Tokyo Electron stockholder meeting voting to approve the merger.
The closing of the business combination remains subject to customary conditions, including review by regulators in various countries. Applied Materials and Tokyo Electron expect the transaction to close in the second half of this year.