Salvador Imaging acquired by investors as part of Photon Dynamics sale

OCTOBER 3, 2008--Orbotech has completed the acquisition of Photon Dynamics, a provider of test and repair systems for the LCD flat-panel display industry. In connection with the acquisition, Photon Dynamics sold its wholly owned subsidiary, Salvador Imaging, to a group of private investors led by David Gardner, Salvador Imaging's founder and current president.

OCTOBER 3, 2008--Orbotech (Yavne, Israel; www.orbotech.com) has completed the acquisition of Photon Dynamics (San Jose, CA, USA; www.photondynamics.com), a provider of test and repair systems for the LCD flat-panel display industry. In connection with the acquisition, Photon Dynamics sold its wholly owned subsidiary, Salvador Imaging (Colorado Springs, CO, USA; www.salvadorimaging.com), to a group of private investors led by David Gardner, Salvador Imaging's founder and current president.

Terms of the acquisition were not announced, but the acquisition will not impact employees, vendors, or customers. "We see this as an extraordinary business opportunity," said David Gardner. "Transitioning Salvador to a privately held company will allow us to more effectively serve our existing customers and expand in our key markets. With the participation of our investor group, Salvador is well capitalized and will continue to make investments in technical innovation and operational excellence."

Salvador Imaging designs and manufactures high-performance digital imaging products for medical, industrial, and military applications. Products and services include a line of standard products as well as custom digital camera design and standard digital cameras.

Under the terms of the agreement with Photon Dynamics, Orbotech is paying $15.60 per share in cash for all of the issued and outstanding shares of Photon Dynamics' common stock, resulting in an aggregate purchase price of approximately $290 million. The acquisition was financed through a combination of internally generated funds and external-source financing.

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