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MKS Instruments, a supplier to Taiwan Semiconductor Manufacturing Company, is selling a $1bn speciality chemicals division in a bid to focus its operations on supplying chipmakers, according to people familiar with the matter.
The Massachusetts-based technology group, which specialises in advanced manufacturing equipment crucial to the semiconductor supply chain, is working with advisers to divest the division, which it acquired as part of its $5.1bn takeover of Atotech in 2021.
The unit, which generates about $100mn in adjusted earnings a year, focuses on supplying technology used to apply coatings and finishes to automobiles and industrial equipment. MKS will hold on to the remainder of the division that provides equipment used to produce semiconductors and circuit boards.
MKS is trying to sell investors on how the boom in artificial intelligence and other technologies will drive a surge in demand for its manufacturing instruments, which it says are essential to the next wave of innovation. The company supplies semiconductor giants such as TSMC, Applied Materials and Lam Research.
Both its semiconductor and electronics divisions delivered revenue growth above analyst projections in the most recent quarter.
John Lee, MKS chief executive, said on an earnings call in August that the double-digit growth in its electronics and packaging arm was “validating MKS’s position in a market where complex electronics applications like AI are driving growth”.
MKS declined to comment. Shares in MKS stood at $121.3 each at Friday’s close, up 14.4 per cent this year, giving it a market value of $8.3bn.
A wide array of strategic buyers and private equity groups had been approached as part of the auction, the people said. The sale process was at an advanced stage, but there were no guarantees that a deal will be clinched, they added.
Private equity groups have jumped on similar carve-outs in recent weeks. This month, Carlyle struck a €7.7bn deal to take control of BASF’s coating unit, as part of which the German chemicals giant will retain a minority stake.
Before MKS struck a deal to buy Atotech, Carlyle owned 79 per cent of the outstanding shares.
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