COMPANY PRESS RELEASE: Varian Semiconductor Equipment Associates of Gloucester, Mass and Lam Research Corporation of Fremont, have jointly announced that they have amicably resolved the patent infringement litigation between the two companies that was filed by Varian in October 1993.
Under the settlement agreement signed today, Varian has granted a nonexclusive license to Lam under the patents in question. In return, Lam has agreed to pay Varian $20 million and to issue a warrant for the purchase of 2 million shares of Lam common stock, exercisable through December 2005 at a price of $21.30 per share. As part of the full and final settlement, the parties have agreed to dismiss all pending claims and counterclaims.
Richard Aurelio, chief executive officer of Varian, said, We are pleased to have arrived at an amicable resolution with Lam that is consistent with our business objectives. James Bagley, chairman and chief executive officer of Lam, added, We too are pleased to have been able to resolve this lawsuit. The parties indicated that they would have no further comment regarding the lawsuit or the settlement.