Oct 1 2008
Memry Corporation announced today the closing of its acquisition by SAES Getters S.p.A., a world leader in a variety of scientific and industrial applications where stringent vacuum conditions or ultra-pure gases are required.
Following the signing of the Agreement and Plan of Merger, announced on June 24, 2008 and approved at the special shareholders meeting of Memry Corporation held on September 29 (today) in Bethel, CT., Saes Devices Corp., a Delaware corporation, has been merged with and into Memry Corporation, with the latter as the surviving company. Memry Corporation’s shares are no longer listed on the American Stock Exchange and Memry is now a wholly-owned U.S. subsidiary of SAES Getters International Luxembourg S.A.
The purchase price was $78.4 million in cash, resulting in a consideration of $2.53 for each share of Memry Corporation’s common stock.
Memry also announced the retirement of Memry Chief Executive Officer Robert Belcher and the appointment of Dean Tulumaris as the new CEO of the company. Belcher joined Memry in July 1999 as vice president, CFO and corporate secretary. As CFO he played a key role in the successful acquisition of Putnam Plastics in 2004. He was elected as a director in 2004 and promoted to CEO in 2006.
Tulumaris, who has served as president and chief operating officer of Memry since May 2006, has more than 20 years experience in manufacturing and operations and has a solid background in ISO and cGMP. Tulumaris led the integration of Putnam's operations into Memry, resulting in Putnam's impressive growth and resulting financial achievement. Prior to being promoted to COO in June 2004, Tulumaris was Memry's vice president and general manager.
Tulumaris said, “We want to thank Bob for all of his significant contributions to Memry over the past nine years, first as CFO and then as CEO. It has been a pleasure to work with him. We are now looking forward to a new chapter in our history with a new corporate structure. But what will not change is our commitment to our employees and customers, and to producing the highest quality products possible.”