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Substrate Technologies announced Monday that it completed a $25 million round of financing from Merrill Lynch, Carson Private Capital and Marubeni. The transaction involved conversion of existing debt and preferred stock, new cash investment, and commitments for future funding. Substrate also appointed board member Jeffrey Davis as its chairman and chief executive officer. The Carrollton, Texas-based company, located outside of Dallas, makes substrates, or "packages," for chips that enable chips to work. Substrate operates manufacturing facilities in Texas and Shenzhen, China.
OpNext, the former optical components division of Hitachi, announced earlier this month that it closed a round of funding worth $321 million from Clarity Group, an equal partnership between Los Angeles-based Clarity Partners, a private equity investment firm, and Marubeni Group, a Japan-based trading house. OpNext makes active components like chips for Lucent, Alcatel and Ciena, and plans to make a public offering when market conditions become more favorable. Hitachi currently owns about a 70 percent stake in the company, according to OpNext representative Caroline Kinlin, and announced the creation of the company in Sept. 2000. OpNext said at the time that Clarity group was prepared to make an investment of up to $450 million in the separate company. OpNext operates manufacturing plants in Japan and has a development facility in Thousand Oaks, Calif.
Interest in the Mac platform remains strong in Asian markets. Marubeni responds with new low-priced systems.
Marubeni, a Japanese trading firm, and Motorola will start selling online information services over cable television. Users will be able to access the Internet and play games. Marubeni and Motorola will form a new company this month to provide software for the new service.