NEWS RELEASE
FOR IMMEDIATE RELEASE
- ---------------------
CONTACTS:
DuPont
Leslie A. Cormier
302-774-4712
leslie.a.cormier@usa.dupont.com
-------------------------------
Merrimac Industries, Inc.
Mason N. Carter, Chairman & CEO
973-575-1300, ext. 1202
mnc@merrimacind.com
-------------------
DUPONT ELECTRONIC TECHNOLOGIES AND MERRIMAC INDUSTRIES ANNOUNCE EQUITY
RELATIONSHIP
WILMINGTON, DEL. AND WEST CALDWELL, N.J., FEBRUARY 28, 2002: DuPont
Electronic Technologies and Merrimac Industries, Inc. (AMEX: MRM) today
announced DuPont has purchased from Merrimac a 16.6% equity interest for a
purchase price of approximately $5.3 million. The companies have also agreed
to work together to better understand the dynamics of the markets for
high-frequency electronic components and modules.
DuPont Electronic Technologies is a recognized world leader in rigid,
flexible, ceramic and organic materials and processes for electronic circuits.
Merrimac is an industry leader with expertise in design, simulation,
prototyping and manufacture of multilayer high-frequency modules.
"Anticipating and meeting the needs of customers in this fast-paced
environment is critical. Better understanding the relationship between
material properties and high-frequency design will allow us to bring materials
to market more quickly," said David B. Miller, vice president and general
manager DuPont Electronic Technologies. "This relationship with Merrimac will
help accelerate our understanding of the requirements for electronic materials
and move us from circuit materials into materials for integrated circuit
packaging and modules."
"By exploring the application of Merrimac's multilayer design expertise
with the variety of electronic materials from DuPont, Merrimac will be able to
broaden its offerings to new markets and applications," said Mason N. Carter,
chairman and CEO of Merrimac. "This relationship will further identify
Merrimac as the recognized source of 3-D integrated modules by providing total
integrated packaging solutions. As the `Module Evolution' spreads across
industry segments increasing the outsourcing of multifunction modules,
Merrimac is positioning itself to
meet the needs of a broad range of signal processing requirements with a
breadth of packaging solutions."
ABOUT DUPONT
DuPont Electronic Technologies is a $1 billion business that consists of
six businesses dedicated to the electronics industry, including printed circuit
materials, high performance and microcircuit materials, semiconductor
fabrication materials and IC packaging and interconnects. It is part of the
DuPont Electronic and Communication Platform, an enterprise of technology-driven
businesses that provide differentiated, materials-enabled solutions for
essentially all of the world's leading manufacturers of electronic components
and assemblies, packaging graphics, producers of high-end commercial printing
and fluoroproducts.
During 2002, DuPont is celebrating its 200th year of scientific
achievement and innovation - providing products and services that improve the
lives of people everywhere. Based in Wilmington, Del., DuPont delivers
science-based solutions for markets that make a difference in people's lives
in food and nutrition; health care; apparel; home and construction;
electronics; and transportation.
ABOUT MERRIMAC
Merrimac Industries, Inc. is a leader in the design and manufacture of
Multi-Mix PICO RF Microwave components, assemblies and micro-multifunction
modules (MMFM), serving the wireless telecommunications industry worldwide
with enabling technologies for space, defense and commercial applications.
Merrimac is focused on providing Total Integrated Packaging Solutions(TM) with
Multi-Mix(R) Microtechnology, a leading edge competency providing value to our
customers through miniaturization and integration. The Multi-Mix process for
microwave, multilayer integrated MMFM circuitry is a patented method developed
by Merrimac Industries based on fluoropolymer composite substrates. The fusion
bonding of multilayer structures provides a homogeneous dielectric medium for
superior electrical performance at microwave frequencies. The bonded layers
may incorporate embedded semiconductor devices, MMICs, etched resistors,
passive circuit elements and plated-through via holes to form a
three-dimensional subsystem enclosure that requires no further packaging.
Merrimac Industries facilities are registered under ISO 9000, an
internationally developed set of quality criteria for manufacturing
operations.
Merrimac Industries, Inc. and its subsidiary Filtran Microcircuits Inc.,
with locations in West Caldwell, NJ, San Jose, Costa Rica and Ottawa, Ontario,
Canada, have approximately 250 co-workers dedicated to the design and
manufacture of signal processing components, gold plating of high-frequency
microstrip, bonded stripline and thick metal-backed Teflon (PTFE)
micro-circuitry and subsystems providing Total Integrated Packaging Solutions
for wireless applications. Merrimac (MRM) is listed on The American Stock
Exchange. Multi-Mix, Multi-Mix PICO, MMFM and Total Integrated Packaging
Solutions are trademarks of Merrimac Industries, Inc. For more information
about Merrimac Industries, Inc. and Filtran Microcircuits Inc., please visit
www.merrimacind.com and www.filtranmicro.com.
DUPONT FORWARD-LOOKING STATEMENTS: This news release contains forward-looking
statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about the
future, including statements about the company's strategy for growth, product
development, market position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors, including those discussed more fully elsewhere
in this release and in documents filed with the Securities and Exchange
Commission by DuPont, particularly its latest annual report on Form 10-K and
quarterly report on Form 10-Q, as well as others, could cause results to
differ materially from those stated. These factors include, but are not
limited to changes in the laws, regulations, policies and economic conditions,
including inflation, interest and foreign currency exchange rates, of
countries in which the company does business; competitive pressures;
successful integration of structural changes, including restructuring plans,
acquisitions, divestitures and alliances; cost of raw materials, research and
development of new products, including regulatory approval and market
acceptance; and seasonality of sales of agricultural products.
MERRIMAC FORWARD-LOOKING STATEMENTS: This news release contains statements
relating to future results of the Company (including certain projections and
business trends) that are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties. These risks and uncertainties include, but are not limited to:
general economic and industry conditions; slower than anticipated penetration
into the satellite communications, defense and wireless markets; the risk that
the benefits expected from the acquisition of Filtran Microcircuits Inc. are
not realized; the ability to protect proprietary information and technology;
competitive products and pricing pressures; the risk that the Company will not
be able to continue to raise sufficient capital to expand its operations as
currently contemplated by its business strategy; risks relating to
governmental regulatory actions in communications and defense programs; risks
associated with demand for and market acceptance of existing and newly
developed products; and inventory risks due to technological innovation and
product obsolescence, as well as other risks and uncertainties, including but
not limited to those detailed from time to time in the Company's Securities
and Exchange Commission filings. These forward-looking statements are made
only as of the date hereof, and the Company undertakes no obligation to update
or revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Note: Merrimac news releases are also available on the Internet at:
http://www.prnewswire.com.