Lam Research Agrees to Acquire OnTrak
Lam Research Corp. said it agreed to buy OnTrak Systems Inc. for about $225 million in stock. Lam said it will exchange 0.83 of its shares for each outstanding share of OnTrak or OnTrak option, which values OnTrak shares at $26.15. OnTrak rose $1 to close at $28 on Nasdaq. Fremont-based Lam makes equipment used in manufacturing computer chips, including chemical depositors and devices that etch the circuitry onto a wafer of silicon. The acquisition would help Lam expand its product lines to better compete with industry leader Applied Materials Inc. OnTrak, based in Milpitas, makes chemical mechanical planarization equipment, which is used during the several-step process of making a silicon wafer into computer chips. Lam’s shares lost 75 cents to close at $31.50, also on Nasdaq.