S2S: Companies

Last Updated 2025-07-01

Below is a list of companies related to semiconductor manufacturing with some brief notes.

Adeka

• Exec Summary: Diversified specialty chemicals.

• Scale: public, 5.3k employees, $2.8bn rev, $1.81bn mcap

• Notes: Top producer of high purity etching gases, CVD precursors, and copper plating chemistries for interconnects. SM related activities account for ~10% of overall revenue.

• Location: HQ in Tokyo, JP.

• Tags: inputs, gases, etching, cvd, metallization, jp

Advanced Technology & Materials Co. (AT&M)

• Exec Summary: Specialized metallic & powder-metallurgy materials.

• Scale: public, 2.5k employees, $1bn rev, $2bn mcap

• Notes: Top three supplier of metallization & sputtering materials for interconnects and vias. SM related activities account for ~10% of overall revenue

• Location: HQ Beijing, CN, manufacturing & R&D across China.

• Tags: inputs, metallization, cvd, cn

Advanced Semiconductor Materials Lithography (ASML)

• Exec Summary: Sole producer of lithography machines required to produce leading node ICs

• Scale: public, 44k employees, $30bn revenue, $308bn mcap

• Notes: ASML is the semiconductor lithography company, with a monopoly on EUV and a near monopoly on immersion DUV, they account for ~90% of the lithography market for sub 90nm process nodes

• Location: HQ in Veldhoven, NL, optics in CT, USA & Berlin, DE, subsystem & service hubs across the world

• Tags: fab, euv, litho, duv, nl, monopoly

ASML Berliner (Prev. Berliner Glas)

• Exec Summary: Subsidiary of ASML, EUV subcomponent manufacturer

• Scale: private (subsidiary), 1.7k employees, $350m (?) rev, ? mcap

• Notes: Acquired by ASML in 2020 (for 260m?). Sole manufacturer of precision wafer and reticle chucks among other high precision components of EUV machines.

• Location: DE

• Tags: de, subcomponent, fab, euv, litho, asml, monopoly

Air Liquide

• Exec Summary: Industrial gases for medical, chemical, and electronics manufacturers

• Scale: public, 68k employees, $30bn rev, $120bn mcap

• Notes: 2nd largest industrial gas provider behind Linde, approximately 16% overall mshare. Large producer of cleaning gases and CVD precursors. In line with Linde, about ~9% of revenue comes from semiconductor business lines.

• Location: HQ in Paris, FR major industrial sites across JP, CN, DE, US, KSA

• Tags: inputs, gases, fr, dopants, deposition

Air Products & Chemicals

• Exec Summary: Industrial gases & related equipment

• Scale: public, 23k employees, $12b rev, $60bn mcap

• Notes: 3rd largest supplier of primary gases used for semiconductor manufacturing.

• Location: HQ Trexlertown, Pennsylvania, US, with major manufacturing & distribution hubs worldwide

• Tags: inputs, gases, dopants, us, cvd, cleaning

Applied Materials (AMAT)

• Exec Summary: Ion implantation, CVD & PVD, etch, CMP, metrology/inspection, advanced packaging US machine maker

• Scale: public, 35k employees, $27bn rev, $140bn mcap

• Notes: Second largest fab equipment manufacturer behind ASML, accounting for 20% of total equipment spend. They account for 60% of the ion implantation market (Varian), 50% of the CVD market, 60% of the PVD market, 16% of the etch market, 40% of the CMP market, & 15% of the metrology/inspection market. 40% of their revenue comes from advanced nodes (<=7nm) and the remaining 70% from ICAPS (>=28nm). By covering a wide breadth of process steps, and providing integrated/platform level support across all those processes, AMAT presents a very compelling value proposition especially at leading edge nodes where substantial finetuning and customization are necessary. They sell into TSMC, Samsung (Foundry & Memory), Intel, SMIC (and other chinese fabs), SK Hynix, and a number of trailing node customers. No single customer dominates their sales.

• Location: HQ in Santa Clara, CA, manufacturing in TX, MA, Singapore operations center, offices globally (none in china)

• Tags: us, fab, machines, ion implantation, cvd, pvd, etch, cmp, inspection, packaging, feol, mol, beol

ASM International

• Exec Summary: Leading edge node deposition equipment manufacturer

• Scale: public, 4.5k employees, $3.2bn rev, $27bn mcap

• Notes: Market leader in atomic layer deposition equipment with 55% mshare and major player in epitaxy with 20% mshare. Growing rapidly, with a focus in GAAFET. Almost all of their revenue comes from leading edge nodes (75%). Very high margins.

• Location: HQ in NL, manufacturing in Singapore & SK, R&D labs in EU, JP, SK, & US.

• Tags: fab, machines, nl, cvd, ald, depo, advanced

Axcelis Technologies

• Exec Summary: US ion implantation machine pure play

• Scale: public, 1500 employees, $1bn rev, $2.2bn mcap

• Notes: Mature node single wafer ion implantation machine pure play that accounts for 20% of the overall ion implant equipment market (second behind ASML). Most of its revenue comes from mature nodes, with only about 10% coming from leading edge nodes. All revenue comes from ion implantation equipment

• Location: HQ in MA, US, with logistics center in SK

• Tags: us, fab, machines, ion implantation, feol

BASF SE

• Exec Summary: Largest chemical producer in the world, provides a number of wet chemicals for cleaning & stripping.

• Scale: public, 111k employees, $75bn rev, $44bn mcap

• Notes: Global chemicals giant that supplies a handful of lower importance chemicals used in cleaning & stripping, SM related activities likely accounts for less than 1% of their revenue

• Location: HQ in DE, global footprint

• Tags: inputs, chemicals, cleaning, stripping, de, large

Carl Zeiss

• Exec Summary: Sole EUV Optics manufacturer for ASML

• Scale: private, 46k employees, $11.4bn rev, ? mcap

• Notes: Produces 100% of EUV optics and 80% of DUV optics. Tight partnership with ASML. ASML holds a 25% minority stake. Growing business in e-beam metrology.

• Location: HQ in DE, global footprint

• Tags: de, fabs, euv, litho, asml, optics, metrology, inspection

Cymer (ASML Subsidiary)

• Exec Summary: Designer and builder of laser/tin-plasma EUV and DUV light sources

• Scale: subsidiary of ASML, 1k employees, 500m rev, ? mcap

• Notes: Designs and builds light sources for all of ASML's lithography machines.

• Location: HQ in CA, US

• Tags: us, fabs, subsidiary, euv, litho, asml, laser, litho

Dongjin Semichem

• Exec Summary: Photoresist and lithography consumables

• Scale: public, 1.4k employees, $1bn rev, $1bn mcap

• Notes: ~90% of revenue comes from EUV and other photoresists, with Dongjin's share of the photoresist market around 5%. They are a strategically important supplier though, as they're the only SK based photoresist manufacturer, so SK consumers like Samsung and SK Hynix rely on them to hedge geopolitical risk.

• Location: HQ in Seoul, SK, with manufacturing throughout SK and in China

• Tags: inputs, photoresist, sk, litho

Dow Inc.

• Exec Summary: Large industrial hydrocarbon processor, produces plastics and specialty silicones

• Scale: public, 36k employees, $43bn rev, $20bn mcap

• Notes: Huge petrochemical processor, small arm that produces solvents, cmp, & litho chemicals. SM related activities account for less than 1% of total revenue.

• Location: HQ Midland, MI, US, but global footprint

• Tags: inputs, cmp, litho, solvents, us

Entegris

• Exec Summary: Advanced materials & contamination control systems

• Scale: public, 8.2k employees, $3.24bn rev, $11bn mcap

• Notes: Global leader in liquid and gas filtration systems, surface preparation chemicals, specialty coatings, and surrounding services/labs. SM related activities account for 95% of overall revenues (!).

• Location: Billerica, Massachusetts, US, with manufacturing & R&D across the west & Asia

• Tags: inputs, gases, cleaning, litho, us

Fujifilm

• Exec Summary: Image development and associated chemicals, photoresist supplier

• Scale: public, 73k employees, $22bn rev, $26bn mcap

• Notes: Top 5 photoresist producer, focusing on a comprehensive suite of products for full imaging lifecycle. Acquired Entegris' electronic chemicals unit to expand CMP business. Has an 8% mshare in photoresist market. Electronic materials as a whole represent only about 8% of total revenue, however almost all of that revenue is related to lead edge node products.

• Location: HQ in Tokyo, JP, global footprint

• Tags: inputs, photoresist, litho, cmp, jp

Gigaphoton (Komatsu Subsidiary)

• Exec Summary: DUV laser manufacturer

• Scale: subsidiary, 1.4k employees, $390m rev, ? mcap

• Notes: Other supplier of DUV excimer lasers (besides ASML's Cymer) for all ASML machines.

• Location: HQ in JP, global sales footprint

• Tags: jp, subcomponent, litho, duv, asml

GlobalFoundries

• Exec Summary: US foundry pure play

• Scale: public, 13k employees, $6.75bn rev, $21bn mcap

• Notes: 5% of global foundry revenue. Gave up on 7nm process node in 2018, so primarily manufactures trailing edge nodes for RF, IoT and other applications in aerospace and defense.

• Location: US HQ, fabs in US, DE, and SP

• Tags: us, fab

GlobalWafers

• Exec Summary: Silicon wafer pure play with major US footprint

• Scale: public, 7.3k employees, $1.9bn rev, $5bn mcap

• Notes: #3 wafer producer (behind Shin-Etsu & SUMCO) with 17% mshare. Has major US manufacturing presence in Sherman, TX so gives it unique geopolitical positioning. 300mm wafers account for 60% of revenue, and revenue from leading edge is about 35%.

• Location: HQ in TW, major manufacturing in Sherman, TX & St. Peters, MI, US

• Tags: inputs, wafers, silicon, tw, us

Hemlock Semiconductor

• Exec Summary: US based Corning & Shin-Etsu JV polysilicon producer

• Scale: private, 1,350 employees, $500m 2024 rev, $1.2bn mcap

• Notes: The vast majority of Hemlock's revenue comes from semiconductor grade polysilicon. JV between Corning (80%) & Shin-Etsu (19.5%).

• Location: Hemlock, Michigan, USA

• Tag: inputs, polysilicon, domestic, corning, shin-etsu, us

Heraeus

• Exec Summary: Family owned precious/specialty metals, material technology, and services company focused on electronics, automotive, chemical, & healthcare.

• Scale: private, 16k employees, $29bn rev, ~$100bn mcap

• Notes: Responsible for the pure metals used in bond wires. Divested of super pure metals required for interconnects and vias. SM related activities account for 12-13% of overall revenue.

• Location: HQ Germany, with a global footprint.

• Tags: inputs, metals, packaging, de, private

Intel

• Exec Summary: US integrated device manufacturer and fab

• Scale: public, 109k employees, $53bn rev, $98bn mcap

• Notes: Primarily manufactures CPUs for desktop (75% mshare), laptop (67% mshare), and server markets (70% mshare). Intel contract foundry only accounts for 1% of the global foundry market, but is strategic for their business. Leading edge nodes account for 45% of total revenue.

• Location: US HQ, manufacturing throughout US, IE, IS, DE (under construction)

• Tags: us, fab, idm, cpu

Japan Target Lab

• Exec Summary: Custom designed high purity metals & ceramic sputtering targets for deposition

• Scale: private, ~100 employees, $45m rev, ??? mcap

• Notes: Specialist firm that only provides sputtering and other deposition related materials for niche/high end use cases (~5% mshare). Accounts for 80-90% of overall revenue.

• Location: HQ in Tokyo, JP

• Tags: inputs, sputtering, pvd, metallization, jp

Jenoptic

• Exec Summary: Optical and measurment module manufacturer

• Scale: public, 4.6k employees, $1.21bn rev, $1.2bn mcap

• Notes: Supplies micro optics for ASML. Used in metrology, light sensing, and upstream light conditioning. Critical T1 supplier.

• Location: HQ in DE, manufacturing presence in CH, US (FL & AL),

• Tags: de, fab, subcomponent, litho, euv, asml, optics

JSR (JSR Micro, Inpria)

• Exec Summary: Lithography resists, anti-reflective coatings, CMP slurries

• Scale: private, 8k employees, $2.7bn rev, $6bn mcap

• Notes: One of the 2 primary producers of photoresist polymers & anti-reflective coatings with about a 30% mshare. Provides end to end services, including qualification, R&D, and embedded engineers at ASML, Nikon, Canon, etc. Taken private in 2024 by the Japan Investment Corp. Acquired Inpria in 2021 for Metal Oxide Resist (MOR) patents, leading node production may be shifting to MOR from liquid polymers (see capillary action and other defects of liquid photoresists).

• Location: HQ Tokyo, JP & Sunnyvale, CA, production in BE, support centers throughout Asia. Inpria HQ in Corvallis, OR, US

• Tags: inputs, litho, photoresist, jp, mor

KLA

• Exec Summary: Largest supplier of inspection/metrology WFE

• Scale: public, 15k employees, $10bn rev, $118bn mcap

• Notes: KLA is the inspection tooling company. KLA has an 80% mshare in optical patterened wafer inspection, and 60% mshare in process control market. About 80% of their revenues come from new machine sales, and 20% comes from servicing existing machines. They primarily manufacture optical and ebeam wafer inspection tools, reticle inspection, process sensors. KLA also supplies comprehensive software to analyze and correct defects.

• Location: HQ in US (CA) manufacturing in US, UK, IS

• Tags: us, fab, wfe, inspection, metrology, monopoly

Lam Research Corp.

• Exec Summary: Lithography focused full stack producer

• Scale: public, 18k employees, $16bn rev, $105bn mcap

• Notes: Leader in dry plasma etching machines, ALD, and stripping and cleaning machines. On the leading edge of new MOR photoresist. Lam accounts for about 45% of the dry plasma etch market, 15% of the wet cleaning market, and 11-12% of the total WFE market. Almost all of Lam's revenue comes from SM, and about 70% of it comes from leading node processes.

• Location: HQ in Fremont, CA, manufacturing in Oregon, and global footprint for support and sales

• Tags: fab, machines, litho, etch, photoresist, cleaning, us

Linde

• Exec Summary: World's largest industrial gases & engineering company.

• Scale: public, 65k employees, 33bn rev, 217bn mcap

• Notes: Semiconductor related activities accounted for only ~9% of total revenue. Primary overall market is US (32% of sales), with remaining spread throughout the world. As is the case for other industrial gas suppliers, in addition to the raw, purified gas, they supply huge amounts of additional infrastructure to store, clean, and transport the gas on the fab, as well as dedicated technicians to service the equipment.

• Location: HQ in Woking, England. Tax domicile in Ireland

• Tags: inputs, gases, uk, dopants

Nouryon

• Exec Summary: Specialty high purity chemicals producer

• Scale: private, 8.2k employees, $5.13 rev, ??? mcap

• Notes: Leading producer of certain cleaning chemicals and CMP colloidal silica slurries. Electronics represent ~20% of their overall revenue, and activities directly related to SM may account for half of that, or 10% of their overall revenue.

• Location: HQ in Radnor, Pennsylvania, US, but manufacturing presence is global

• Tags: inputs, chemicals, cleaning, cmp, us

Mitsui Chemical

• Exec Summary: Large chemical co with critical T1 euv pellicle subdivision

• Scale: public, 17k employees, $11.8bn rev, $3.9bn mcap

• Notes: Sole manufacturer of ultrathin EUV pellicles used in ASML EUV machines. SM activities account for <10% of overall revenue, but are very profitable and growing rapidly (30-40% YoY).

• Location: HQ in JP, manufacturing in TW, KR, & SP

• Tags: jp, fab, subcomponent, euv, litho, asml, monopoly

Materion

• Exec Summary: High performanced engineered materials - specialty metals, inorganic chemicals, precision optics, and deposition materials.

• Scale: public, 3k employees, $1.7bn rev, $1.6 mcap

• Notes: ~20% of mshare in metalization/deposition inputs (high purity sputtering targets). SM related activites account for 12% of overall revenue. Materion acquired Heraeus' high performance target metals business for $30m in 2016

• Location: Cleveland, OH, US, but has global footprint.

• Tags: inputs, metallization, sputtering, pvd, deposition, us

Momentive (KCC Corp subsidiary)

• Exec Summary: Specialty materials company that produces HPQ, silicon, ceramics

• Scale: private, 9,200 employees, $6.5bn rev, ?

• Notes: Large & somewhat diverse multinational founded in NY that has been acquired by korean company KCC Corporation. Is a minor player in HPQ, which may represent ~10% of their overall business

• Location: HQ in Niskayuna, NY, with over 50 sites across the americas and asia

• Tags: inputs, silicon, hpq, no, us, mining

OCI Company Ltd.

• Exec Summary: Special/high value chemicals company with polysilicon arm.

• Scale: public, 1,600 employees, $900m rev, $2.57bn mcap

• Notes: Semiconductor polysilicon accounts for about ~25% of their revenue

• Location: Headquartered in Seoul, SK-domestic production, a number of overseas facilities and partnerships in China & US.

• Tags: inputs, polysilicon, sk

Pfeiffer Vacuum

• Exec Summary: Ultra-high-vacuum pump and surrounding equipment manufacturer

• Scale: public, 4k employees, $1bn rev, $1.8bn mcap

• Notes: Accounts for 15-20% of vaccum system sales in WFE. About 35% of its revenue is SM related. Its vacuum systems are used in EUV, DUV, etch, ion implantation, and CVD tools, with a focus on leading edge. Sells into ASML, AMAT, Lam, Tokyo Electron, KLA, ASM and other WFE. Also sells equipment directly to fabs like TSMC, Intel, Samsung, etc.

• Location: HQ in DE, manufacturing in DE, FR, CN, KR, RO, US, & VN.

• Tags: de, fab, subcomponent, wfe, litho, euv, duv, cvd,

The Quartz Company (TQC)

• Exec Summary: High purity quartz miner & refiner

• Scale: private, 350 employees, $50m rev, $200 mcap

• Notes: JV between Imerys SA (US) & Norsk Mineral AS. Focuses exclusively on Spruce Pine HPQ, and may represent 30% of total market

• Location: HQ Oslo, Norway, processing facility in Spruce Pine

• Tags: inputs, silicon, hpq, no, us, mining

Samsung Foundry

• Exec Summary: Second largest foundry

• Scale: subsidiary, 10k employees, $13bn rev, ? mcap

• Notes: Has 11% mshare of global foundry market. 40% of revenue comes from advanced nodes. Pioneer in GAAFET transistors. Major customers include Google, Tesla, & Facebook.

• Location: HQ in SK, SK & US fabs, some peripheral manufacturing in CN

• Tags: sk, fab, memory

Samsung SDI

• Exec Summary: Samsung battery & advanced materials arm

• Scale: public, 30k employees, $12bn rev, $8.3bn mcap

• Notes: Only Korean co leading pilot programs on MOR photoresists. Also produce CMP slurries. SM revenues account for less than 5% of overall revenues. Primarily a battery producer.

• Location: HQ in Korea, some production in US, eastern europe, Asia

• Tags: inputs, litho, photoresist, mor, cmp, kr

SCREEN Holdings

• Exec Summary: Wafer cleaning WFE pure play

• Scale: public, 6.4k employees, $4.2bn rev, $7bn mcap

• Notes: Has the largest mshare in post-litho photoresist strip & particle/metal removal between EUV, etch, & CMP steps (>60% mshare). 40% of their sales are to leading edge node processes.

• Location: HQ in JP, Manufacturing in JP, global service centers.

• Tags: jp, fab, cleaning, litho, photoresist

Seminconductor Manufacturing International Corp. (SMIC)

• Exec Summary: China's pure play foundry

• Scale: public, 20k employees, $8bn rev, $59bn mcap

• Notes: 5% of global foundry market. Has a number of process nodes on 200mm wafers and 40nm - 20nm traditional nodes as well as a limited yield 7nm node using DUV multipatterning. Only 10% of revenue come from leadign edge <=14nm FinFET nodes. Fabs across China.

• Location: HQ in CN, all manufacturing across CN

• Tags: cn, fab, trailing

Shin-Etsu Chemical (SEH)

• Exec Summary: Photoresist & wafer producer

• Scale: public, 26k employees, $16bn rev, $63bn mcap

• Notes: #1 producer of 300mm wafers (30% mshare), photoresists and litho consumables (~10% mshare), rare earths, CMP pads, etc. Semiconductor activity makes up the bulk of their revenue, with leading node activity accounting for ~30%

• Location: HQ in Tokyo, JP, but has a global footprint

• Tags: inputs, wafers, photoresists, rees, cmp, jp

Sibelco

• Exec Summary: Mining & refining of sand and other non-metallic industrial minerals

• Scale: public, 5,020 employees, $2.5bn rev, $1.8bn mcap

• Notes: Largest supplier of High Purity Quartz (HPQ) worldwide, which they mine and refine in Spruce Pine, NC. It's unclear how much of their revenue is made up by HPQ, but likely a substantial portion

• Location: HQ Antwerp, Belgium, but operates hundreds of production sites worldwide

• Tags: inputs, silicon, hpq, be, us, mining

Siltronic AG

• Exec Summary: Silicon wafer pure play

• Scale: public, 4k employees, $1.5bn rev, $1.2bn mcap

• Notes: 4th largest supplier of silicon wafers, accounting for 15% of the 300mm market. new fully automated singapore facility.

• Location: HQ in Munich, Germany, manufacturing in Germany & Singapore

• Tags: inputs, wafers, de, sp

SK Materials Co.

• Exec Summary: Industrial gases with a focus on cleaning, deposition, etching, precursors, and wet chemicals.

• Scale: public, 700 employees, $3.5bn rev, $2.7bn mcap

• Notes: Very dominant in NF3 (cleaning gas), and among the top producers in other gases (CVD precursors). Approx. 20% of overall revenue is semiconductor related.

• Location: HQ SK, manufacturing in China, distribution throughout Asia

• Tags: inputs, sk, gases, cleaning, cn, cvd

SUMCO

• Exec Summary: Silicon wafer pure play

• Scale: public, 10k employees, $2.6bn rev, $2.2bn mcap

• Notes: #2 producer of 300mm wafers (20% mshare) behind SEH, 80% of total revenue is 300mm wafers and 30-45% is specifically leading edge. Contracts are quite tight, and SUMCO (and others) are able to lock in customers for multiyear commitments

• Location: HQ in Tokyo, JP, with limited footprint elsewhere.

• Tags: inputs, wafers, silicon, jp

Taiyo Nippon Sanso Corp

• Exec Summary: Industrial & specialty gases & related equipment company

• Scale: public, 1.5k employees, $3.1bn rev, $5bn mcap

• Notes: Roughly 5% of the worldwide market for semiconductor manufacturing related industrial gases. Accounts for possibly 8% of TNS's overall revenue.

• Location: HQ Tokyo, JP, with global presence

• Tags: inputs, gases, dopants, jp, subsidiary, cvd

TSMC

• Exec Summary: The largest foundry

• Scale: public, 84k employees, $90bn rev, $1.18tn mcap

• Notes: Accounts for 65% of the global foundry market, 90% of 3nm & 5nm, and 70% of all <=7nm process nodes. 70% of revenue comes from leading nodes (<=7nm). Has recently constructed/begun construction on a number of global fabs in the US, Japan, & Germany.

• Location: HQ in Hsinchu, TW, with global foundry footprint.

• Tags: tw, us, jp, de, fab, monopoly

TOK

• Exec Summary: Photoresist and other litho chemicals and equipment specialist

• Scale: public, 2k employees, $1.35bn rev, $2.9bn mcap

• Notes: Leading supplier (>20% mshare) of leading node (<=7nm) photoresist chemicals. Largest pure play photoresist company.

• Location: HQ in JP, regional support offices in TW and SK

• Tags: inputs, photoresist, litho, jp

Tokuyama Corp

• Exec Summary: Special/high value chemicals company with polysilicon arm.

• Scale: public, 5,730 employees, $2.27bn rev, $1.4bn mcap

• Notes: Polysilicon represents a minority of their business, the company's primary business lines are basic chemicals and cement.

• Location: Headquartered in Tokyo, with offices across APAC and in US.

• Tags: inputs, polysilicon, jp

Tokyo Electron (TEL)

• Exec Summary: WFE manufacturer for etch, depo, clean, track, inspection, etc with a monopoly on photoresist application/development process step

• Scale: public, 20k employees, $15bn rev, $68bn mcap

• Notes: Has huge mshare (maybe 100% in EUV?) on photoresist coater/tracker/developer process step, substantial presence in plasma etch and deposition (10% mshare each), wet cleaning (~25% mshare), & wafer probers/banding. Is the third largest WFE manufacturer behind Advanced Materials and Lam with about 12% overall mshare. 70% of TEL's revenue come from leading edge node processes, with the remaining 30% attributable to legacy, trailing nodes.

• Location: HQ in Tokyo, US HQ in Austin, global sales, distribution, and support network.

• Tags: fab, wfe, photoresist, litho, jp, etch

TRUMPF

• Exec Summary: Laser & Machine tool group

• Scale: private (family owned), 19k employees, $5.5bn rev, ? mcap

• Notes: Industrial machine tooling and high powered laser manufacturer. One of the largest suppliers of industrial laser machines in the US and abroad. Sole supplier of ASML EUV drive lasers. SM accounts for 20% of the business

• Location: HQ in DE, manufacturing throughout EU, co-located with ASML for EUV integrations

• Tags: de, fab, subcomponent, euv, litho, asml, laser, monopoly

Umicore

• Exec Summary: Materials technology and recycling for automotives and semiconductors

• Scale: public, 11k employees, $3.9bn rev, $2.6bn mcap

• Notes: ~15% of overall revenue is semiconductor related, and ~7% is related to leading node. Umicore makes metal deposition precursors and other nickel/metallic compounds used in interconnects & vias. They also supply high purity germanium

• Location: HQ Brussels, BE, large facilities in the US & throughout Asia

• Tags: inputs, metallization, cvd, be, germanium

United Microelectronics Corporation (UMC)

• Exec Summary: Taiwan's other major pure play foundry

• Scale: public, 20k employees, $7.2bn rev, $19bn mcap

• Notes: 5% of global foundry revenue. Specialist focusing on mature and trailing nodes, with no capacity on 7nm and below. Hedge against geopolitical risk as it has mature fabs in TW, SP, CN, & JP.

• Location: HQ in TW (Hsinchu), mature fabs in SP, CN, & JP

• Tags: tw, sp, cn, jp, fab, trailing node

VDL Enabling Technologies Group (ETG)

• Exec Summary: Precision mechatronic module builder for lithography

• Scale: private (family owned), 5k employees, 2bn rev, ? mcap

• Notes: Supplies the entire WFE market with precision mechatronics - wafer handlers, wafer chambers, vibration-isolated columns, etc. 80% of sales are linked (directly or indirectly) to leading edge fabs. Accounts for a large portion of mechanical content of ASML EUVs. Sells into AMAT, Lam, ASM, KLA.

• Location: HQ in Eindhoven, NL, manufacturing in CH, US (FL/CA), CN, SP (new megafactory), VN

• Tags: nl, fab, subcomponent, mechatronic, euv, litho, asml, wafer, amat, lam, asm

Vital Materials

• Exec Summary: High purity minor metals refiner

• Scale: private, 6,000 employees, $2.3bn rev, ? mcap

• Notes: Refines and sells wide range of high purity metals for advanced applications, one of the largest global suppliers of gallium and germanium.

• Location: HQ in Guangdong, China, facilities throughout China and US.

• Tags: inputs, germanium, metals, cn

Wacker Chemie AG

• Exec Summary: High purity precursor manufacturer

• Scale: public, 16,972 employees, $6.5 2024 rev, $3.5bn mcap

• Notes: Are now the largest polysilicon manufacturer in the world. Still a minority of their business. Solar quality polysilicon and silicones are their largest products, but their leading edge semiconductor quality polysilicon business is growing.

• Location: German, with substantial foreign footprint. Primary polysilicon plant is in Charleston Tennessee

• Tags: inputs, polysilicon, de