8-KFinancial EventsOther EventsExhibits & Filings

ENTEGRIS INC 8-K Report, Material Impairment (May 5, 2005)

Filed May 5, 2005For Securities:ENTG

Summary

Entegris, Inc. (ENTG) filed an 8-K on May 5, 2005, reporting on two significant events. Firstly, the company announced a realignment of its production and administrative activities in Chaska, Minnesota, which is expected to result in asset write-offs of up to $3 million. These write-offs are primarily related to manufacturing assets and cleanroom facilities that will become redundant after consolidating operations into fewer buildings. The majority of these charges are anticipated in the fiscal fourth quarter of 2005. Secondly, Entegris reported that the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its proposed merger with Mykrolis Corporation. This regulatory clearance is a key step forward in the merger process, suggesting that antitrust concerns have been addressed.

Key Highlights

  • 1Entegris expects to incur up to $3 million in asset write-offs due to a realignment of production and administrative activities.
  • 2The asset write-offs are primarily related to manufacturing assets and cleanroom facilities.
  • 3The majority of the asset write-offs are expected to be recognized in the fiscal fourth quarter of 2005.
  • 4The company is consolidating operations from four buildings in Chaska, Minnesota, into three.
  • 5The Federal Trade Commission (FTC) granted early termination of the Hart-Scott-Rodino waiting period for the merger with Mykrolis Corporation.
  • 6Early FTC clearance indicates progress in obtaining regulatory approval for the Mykrolis merger.

Frequently Asked Questions

Entegris anticipates incurring asset write-offs of up to $3 million as a result of consolidating operations. The majority of these charges are expected in the fiscal fourth quarter of 2005 and relate to manufacturing assets and cleanroom facilities that will no longer be utilized.

The Federal Trade Commission (FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. This signifies a significant step in the regulatory approval process for the merger.

The company expects the majority of the asset write-offs, which total up to $3 million, to be recognized in the fiscal fourth quarter of 2005.

The write-offs are a consequence of Entegris realigning its production and administrative activities, specifically by consolidating operations from four buildings into three in Chaska, Minnesota. This consolidation makes certain manufacturing assets and cleanroom facilities redundant.