The leader in plasma etch and single-wafer clean systems. Significant cash and marketable securities balance. Significant business risk due to industry cyclicality. High customer concentration. Lam Research Corp. is a global producer of plasma etch and single-wafer cleaning tools used to manufacture memory, logic, and micro-electromechanical system devices. Standard&Poor's Ratings Services placed Lam Research's ratings on CreditWatch following the announcement that the company will merge with Novellus Systems Inc. in a stock-for-stock transaction valued at about $3.3 billion or 1.125 shares of Lam Research for each share of Novellus. We view the proposed merger as a positive for our assessment of Lam Research's business risk profile as the company expands its leadership positions beyond its previously narrow business
