Agilent Technologies announces name of semiconductor test spin-off company
PALO ALTO, Calif., Jan. 12, 2006, Agilent Technologies Inc. (NYSE: A) today announced it has selected a name for its upcoming semiconductor test spin-off company. The new name, Verigy, will be used when the new company separates from Agilent, which is expected to occur near mid-2006.
The name is built from the Latin prefix “veri-” (“true, genuine”), which is the root of “verification” (“to prove the truth of, substantiate”) and so ties the name to the test business. The “-gy” suffix comes from the combining form “-logy,” meaning the name of sciences or bodies of knowledge, as in biology and geology. Verigy describes a company dealing with the true nature of things. The sound of the name connotes energy.
The company’s tagline is “the brilliance of innovation.” Its website will be www.verigy.com.
“Verigy is emerging from a powerful historical lineage, a direct line from both Hewlett-Packard’s standards of integrity and innovation and Agilent’s premier measurement business,” said Jack Trautman, president of Agilent’s Semiconductor Test Solutions business. “This name captures the spirit of our spin-off organization -- proven, responsive, energetic, innovative.”
On Aug. 15, 2005, Agilent announced a strategic move that includes a plan to spin off its Semiconductor Test Solutions (STS) business, comprised of both the system-on-chip and system-in-package (SOC/SIP) and memory test market areas. STS will become a new automated test company focused on technology and innovation in semiconductor test. The spin-off is expected to take place as soon as practical in 2006, after first carving out the STS business from Agilent. Agilent’s target is to complete an initial public offering of Verigy near mid-2006, and to complete the spin-off of Verigy by the end of October 2006.
This press release includes statements that constitute “forward-looking statements,” including, but not limited to, statements regarding the future separation of the semiconductor test business from Agilent, the initial public offering of a new company, Verigy, containing this business, and the completion of a spin-off of Verigy. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: unanticipated delays or difficulties in the separation of the semiconductor test business from Agilent, the initial public offering or the completion of the spin-off; prevailing market conditions; changes in economic and financial conditions of Agilent’s business, including the semiconductor test business; other uncertainties and matters beyond the control of management; and the other risks detailed in Agilent’s periodic filings with the Securities and Exchange Commission. Agilent undertakes no obligation to update these statements for revisions or changes after the date of this release.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is the world’s premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company’s 21,000 employees serve customers in more than 110 countries. Agilent had net revenue of $5.1 billion in fiscal 2005. Information about Agilent is available on the Web at www.agilent.com.
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