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Credence Systems sells German unit

By Associated Press
June 17, 2008 | Comments (0)

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Chip testing equipment maker Credence Systems Corp. said Tuesday it agreed to sell its German subsidiary, Credence Systems GmbH, to testing equipment maker Advantest Corp. for $5 million.

Credence said it looked for a buyer that would "protect our customers' interests" by continuing to provide them with automotive products.

"Advantest has made this commitment to us and we believe that we have achieved an excellent outcome for our automotive customers while avoiding extensive restructuring," said Credence Chief Executive Lavi Lev.

The company said employees, manufacturing and key infrastructure will remain in Amerang, Germany but will be owned by Advantest.

The deal is expected to close on or before Aug. 31.

The company said it does not expect any impact on its guidance for the third quarter other than a one-time noncash impairment charge.

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