Cabot Microelectronics Stock Falls As Investors Mull KMG Acquisition [Investor's Business Daily]
KMG CHEMICALS (KMG)
Last kmg chemicals earnings: 6/11 04:10 pm
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Source: Investors Business Daily
Related news Shares in Cabot Microelecronics ( CCMP ) fell Wednesday after the maker of specialty chemicals used in semiconductor manufacturing said it would buy KMG Chemicals ( KMG ) for about $1.6 billion, including debt. Cabot Microelectronics stock sank 7.6% to 112.14 on the stock market today . The stock has gained 62% from a year ago, including Wednesday's sell-off. While KMG sells products related to Cabot Microelectronics' semiconductor business, it recently made an acquisition seeking growth in the energy business. KMG in April 2017 acquired Flowchem, a maker of pipeline performance products, for $495 million from Arsenal Capital Partners. Cabot Microelectronics is the leading maker of chemical slurries used in chip manufacturing. "Semiconductor materials players can be easily overlooked," said Michael Harrison, analyst at Seaport Global Securities. "They're a key enabler in the advancement of semiconductor technology. And, materials is a much more steady business than capita
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