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Exclusive: Lam Research unloads German unit

June 6, 2014, 8:31 PM UTC
Dan Primack

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.