P.M. BRIEFING : Sumitomo to Invest in Calif. Firm
From Times wire services
TOKYO —
Sumitomo Metal Industries Ltd., an integrated steelmaker, said today it will invest $5 million in Lam Research Corp. of Fremont, Calif., to strengthen collaboration between the two firms.
Lam Research is a major semiconductor equipment manufacturer.
Osaka-based Sumitomo said the agreement calls for the firm to purchase 500,000 shares of the U.S. partner for $10 a share to acquire about 4.5% equity in the American company.
In return, the Japanese company will be licensed to launch domestic production of semiconductor etching equipment, named “Rainbow,” developed by the U.S. firm, Sumitomo said.
