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               Went to Taxes, USA with SAS Chairman M.K. Lu to merge Globitec Company

Globitech 購併案

【時報-各報要聞】國內矽晶圓大廠中美晶 （5483） 昨（二十）日宣布，將斥資四千五百萬美元（約新台幣一四．六億元）併購美國的磊晶廠Globitech，透過此一購併案，中美晶除可由拋光片延伸到最高等級的磊晶片，更可藉由Globitech與國際大客戶建立商機。

有趣的是，曾擔任台積電 （2330） 總經理長達六年的布魯克（Don Brooks）就是Globitech的董事長，中美晶等於延攬到布魯克這位麾下猛將。

中美晶昨日召開董事會，除通過購併Globitech、交割基準日訂於明年二月二十九日之外，也通過竹南二廠的興建案。中美晶董事長盧明光表示，竹南二廠預計明年年初建廠，產能規劃為400 MW，預計後年二月完工，因此對於業績的貢獻，預計要到當年下半年開始。

【鉅亨網記者賴筱凡．台北】 太陽能矽晶圓大廠中美晶 5483 (TW) 為擴展半導體 產品線的完整性和發展性，今(20)日透過董事會決議將 以現金4500萬美元 (約新台幣14.63億元)，買下美國磊 晶矽晶圓代工廠Globitech 100%的股權，以鞏固既有的 半導體業務，並將透過這項併購案直接與TI (TXN-US； 德儀)等IDM大廠建立磊晶直接供應關係。

中美晶董事長盧明光今日宣布，將斥資4500萬美元 現金，購併 Globitech完整股權，透過磊晶製程的延伸 ，將可大幅提升拋光晶圖產量和技術，並促使中美晶可 順利切入中小尺寸晶圓的業務，包括6吋磊晶晶圓和8吋 埋藏層磊晶，以鞏固既有的半導體業務。

透過這項購併案，中美晶將可直接與 Globitech的 客戶建立磊晶直接供應關係，包括TI、On-Semi (ONNN- US；安森美半導體)、IRC、Vishay、歐商 Xfab 、日商 Rohm等 IDM大廠，有助於中美晶直接供應國際大廠光晶 圓片。

Globitech主要是2000年由 TI旗下的磊晶部門團隊 分出，技術和管理團隊全來自TI和MEMC，去年營收達到 3600萬美元，今年營收小幅下滑，僅達3400萬美元；中 美晶表示，併購後，第一年將力求損益兩平，預計2009 年營收將達到 5500萬美元至 6500萬美元，稅前盈餘約 400-600萬美元，對中美晶營收貢獻可望達到10-12%。

另外，中美晶今日董事會也一併通過竹南二廠興建 案，預計明年動工，2009年2月完工，屆時將可產出400 百萬瓦的產能；不過，盧明光表示，二廠完工後，並不 會立即量產，待至一廠產能全部開出後，二廠才會加入 量產，預期將會是在明年下半年。

中美晶以4500萬美元現金購併美商GLOBITECH公司100%股權
擴大高附加價值的半導體矽晶圓材料事業

中美晶除在太陽能產品領域發展佈局領先同業並獲得優異成績之外，為考量公司於半導體產品線之完整性與發展性，公司今日董事會決議以現金4500萬美元購併美商GLOBITECH公司100%股權，暫訂交割基準日為2008年2月29日；本案購併目的係基於未來產業策略發展及產能所需，整合雙方業務、技術研發、產製運籌等個別擅長領域；其綜效來自結合美商GLOBITECH公司技術能力及客戶價值與中美晶優越的管理經驗。董事會中除決議該購併案外，亦正式通過太陽能竹南二廠之興建案，最大產能初步設定為400MW，中美晶將藉此擴建與購併，深耕太陽能及半導體兩個領域，為公司、股東及員工創造最大利益。

中美晶購併美商GLOBITECH公司之策略意義

中美晶將藉由此購併案具備從長晶、切片、研磨、拋光及磊晶一貫製程；藉由磊晶製程之延伸將為公司大幅提升拋光晶圓之產量及技術，亦可使中美晶進入半導體中小尺寸晶圓中附加價值最高的6吋磊晶晶圓及8吋埋藏層磊晶的生產和業務；中美晶藉此購併案可取得擁有美國TI及MEMC優秀的矽晶圓和磊晶生產的技術及管理團隊，更直接與GLOBITECH既有之IDM知名大廠如美商TI, ON-SEMI, IRC, Vishay及FSC,歐商XFab，日商Rohm等建立了磊晶直接供應的機會，有助於未來中美晶在拋光晶圓片直接供應上述國際大廠的商機。

美商GLOBITECH公司簡介

該公司係於西元2000年由美國德州儀器TI磊晶部門團隊於德州Sherman成立的公司，技術及管理團隊全來自TI及MEMC。該公司董事長DON BROOKS先生曾服務於TI及擔任台積電總經理(1991-1997)，該公司總經理DAVID SMITH先生曾任TI新加坡總經理；該公司目前員工105人，西元2006年營收約為3600萬美元，預計2007年營收約為3400萬美元；該公司主要客戶為6吋磊晶晶圓IDM客戶如ON-SEMI, Vishay, Rohm, XFab等及8吋埋藏層磊晶服務如TI, XFab等。

何謂磊晶
磊晶矽晶圓係在拋光矽晶圓上成長一層具高純度及平坦度的氧化矽晶薄膜；磊晶製程技術可廣泛應用於各種分離式元件及高性能積體電路。
1.高性能分離式元件如Schottky Diode, S.S. Transistor & MOSFET
2.車用電子元件(MOSFET, Regular IC)
3.電源管理元件(Power Management IC)
4.通訊用BiCMOS製程元件
5.系統整合單晶片(System on chip, SOC)等
磊晶產製過程：
拋光晶圓(基材)檢驗→磊晶成長→磊晶薄膜檢驗(厚度/均勻度/阻值)→清洗→表面特性檢驗(質點Particle，金屬Metal)→包裝出貨

           Photo with Due Diligence team members, accountant, board member and me.

Highlights of Due Diligence

1. Overview of due diligence

• Who does it and why?

• Discovering things that due diligence can and cannot tell you

• Identifying the drivers for a transaction

2. Defining the goal: Strategic issues in due diligence

• Consolidation, extension of market, new product, etc.

• What must be true for the strategic proposition to work?

• Different stages of due diligence:

- Initial due diligence (to LOI)

- In depth due diligence (to close)

- Post closing due diligence (to integrate and maximize benefit)

3. Digging out the data

• Mining the right information that accommodates the process (checklists, workbook)

• Watching out for the catches while digging information

• Overcoming obstacles and moving forward

Section Three identifies techniques to look for key data as well as to overcome obstacles while gathering data during the due diligence process.

4. Managing the process

• Maximizing efficiency of information collection (indexing, online data rooms)

• Timelines:

- Who should do what?

- What are seller obligations?

- What must buyer prepare for?

• Recognizing the roles of buyer, third party counsel or consultant in a due diligence process

Session Four aims to show you practical skills on how to collect data efficiently and work with a third party effectively.

5. Turning data into insight and information: What does it mean?

• Finding out the drivers of value in the situation

• Reasoning if it makes sense to build a model

Session Five gives pragmatic know-how to analyze and convert data collected from due diligence into solid information that will eventually guide you to making the right decision.

6. Assessing possible hot buttons

• State role and attitude

• Legal issues

• Environmental sensitivities and possible remediation issues

• Cross border issues

• Tax considerations

• Human resource issues

• Putting the information in context

- Industry

- Market

- Competitors

Session Six explores a series of crucial issues.

7. Validating value (valuation session)

• Choosing the right methods available for valuation

• Identifying issues for discussion

• Recognizing opportunities for benefit

Session Seven evaluates the value of a transaction by using the most appropriate valuation methods available.

8. Deciding whether and how to proceed

• Analyzing what is missing in the preparation

• Examining the possibility for the transaction to achieve the goals set up to achieve

• Working out on issues to ensure all goals are achieved

Session Eight offers good tips that help you make wise decisions and achieve the aims of your deals.

9. Structuring the initial offer

• Balancing the desires of different parties and moving toward win/win approach

• Figuring out what motivates owners and management, which players must be retained and how will they work with the existing team

• Discovering and explaining the deal killers

• Carving out the necessary elements and learning how can that best be done

• Measuring the consideration and financial structure that makes the most sense

Session Nine discusses the best methods to deal with the different elements in structuring an initial deal.

10. Driving toward the deal

• Financial capacity: Do you have it? Will you need to secure additional financing? How long will this take, and what information will be required?

• Communications: Who needs to know what and when? How will employees on both sides be handled? People are people, and uncertainty hurts. How should communication with customers be handled? By whom, and when? What are the benefits for them? What authorities must approve, what issues will they focus on, and how long will they take?

• Documentation: Delving deeply into the details of ownership, legal, environmental, tax, contracts, assets, liabilities, intellectual property

• Delivering desired results

• Building the integration plan- who needs to be on the integration team

• Laying out the steps for desired resulting organizational structure: People functions, processes, data, measurement, customers, leaders

Session Ten addresses different elements that involve in the process of consummating a deal and how to prevent potential pitfalls that cause failure.

11. Closing the deal

• Post closing review: Did you get what you paid for?

• Identifying lessons you need to learn for future deals

• Adjusting your early plans to get the most out of what you actually have

• Concluding if the goal of the transaction is achieved

Session Eleven reviews the deal closed and guides you to a better transaction in the future.