Lam Research Corp. (LAM) has agreed to sell Peter Wolters, a German maker of machining tools, to Illinois-based Lapmaster International, Fortune has learned. A formal announcement is expected later this afternoon.
Peter Wolters originally became part of Lam Research in 2012, when Lam paid $3.3 billion to acquire Novellus Systems (which had bought Peter Wolters eight years earlier). Its financials were never broken out by Lam, although Novellus had reported 2012 revenue of around €68 million.
The news was first disclosed during an all-hands meeting at Peter Wolters earlier this afternoon.
Lapmaster is a privately-held company that manufactures precision surfacing equipment like grinders.
Headwaters MB managed the sale process.