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Arch Chemicals agreed to sell most of its microelectronics business to Fuji Photo Film on October 25, 2004; the sale closed on November 30. The announcement put the price at about $160 million. Arch’s later filing reported final proceeds of $160.5 million after a working-capital adjustment.
What Arch agreed to sell
The deal covered microelectronics manufacturing and research and development facilities in North America, Europe and Asia, along with Arch’s 49 percent interest in the Japanese joint venture FUJIFILM Arch Co., Ltd. Those operations supplied materials used by semiconductor and flat-panel-display manufacturers.
- Photoresists
- Formulated products
- Polyimides
- Thin-film systems
The contemporaneous EE Times announcement report described the agreement and the business’s products.
What Arch kept
Arch did not sell every asset connected to microelectronics. It retained its 50 percent interest in Planar Solutions LLC, its microelectronics-dedicated manufacturing facility in Brandenburg, Kentucky, and its chemical management services business. The Brandenburg assets were to supply certain raw materials to Fuji during a transition period of up to two years.
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These exclusions matter: the transaction transferred most of the business, not all of Arch’s microelectronics-related operations or interests.
How much Fuji paid
The figures reflect different stages of the transaction rather than a contradiction:
| Figure | What it represents |
|---|---|
| Approximately $160 million | Consideration announced by EE Times on October 25, 2004, when the agreement was signed. |
| Approximately $161.6 million | Cash proceeds reported in Arch’s December 6, 2004 closing Form 8-K, based on a preliminary working-capital estimate. |
| $160.5 million | Final adjusted proceeds reported by Arch in its 2004 annual filing. |
The closing Form 8-K and 2004 Form 10-K provide the later figures and clarify the working-capital adjustment.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Arch said it was selling
Arch’s chairman, president and CEO, Michael Campbell, framed the sale as a portfolio-focus decision. He said it would allow Arch to redeploy resources toward growth opportunities in its Treatment Products platform. Campbell also described Fuji as a global provider of advanced technologies and referred to Arch and Fuji’s “successful 21-year strategic alliance.”
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Deal timeline
- October 25, 2004: Arch announced the signed agreement with Fuji Photo Film. The announcement anticipated a close by year-end, subject to conditions.
- November 30, 2004: The transaction closed, as confirmed in Arch’s SEC filings.
- December 6, 2004: Arch filed a Form 8-K describing the completed sale and preliminary cash proceeds.
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