Plasma & Materials Buys U.K. Firm Electrotech

Plasma & Materials Technologies Inc., a Chatsworth supplier of etching equipment used to manufacture computer chips, has completed its previously announced acquisition of a larger British company that it said will extend its reach in foreign markets.

PMT said it purchased Electrotech, a supplier of advanced semiconductor deposition equipment, for $75 million in cash and 5.6 million shares of newly issued PMT common stock.

The acquisition gives PMT additional proprietary technology and expands its sales and service organization, said Greg Campbell, PMT’s chief executive.

To finance the deal, PMT last month completed the sale of $86.3 million of convertible subordinated notes. The company also said it has secured a $35-million line of credit and obtained commitments for up to $6.25 million in additional debt.

PMT also said that John Rollwagen has resigned as chairman of PMT but will remain a director of the company. He is succeeded by Chris Dobson, Electrotech’s founder and chairman.