Photronics Announces JV in Taiwan with Dai Nippon Printing

Photronics,

today announced an agreement with Dai Nippon Printing Co., Ltd. (DNP) (7912:Tokyo Stock Exchange) to merge Photronics Semiconductor Mask Corporation (PSMC), a majority owned subsidiary of Photronics, with DNP Photomask Technology Taiwan Co., Ltd. (DPTT), a wholly owned subsidiary of DNP, to form a joint venture focused on serving semiconductor manufacturers in Taiwan. Photronics and DNP will own 50.01% and 49.99% of the joint venture, respectively, and its financial statements will be included in the consolidated financial statements of Photronics, Inc. The joint venture is subject to regulatory approvals and customary closing conditions and the non-cash transaction is