Standard&Poor's Ratings Services views Lam Research's business risk profile as "satisfactory". The company expanded its leadership position beyond plasma etch and single-wafer clean segments of the semiconductor wafer equipment addressable market to include deposition and surface preparation segments as part of its merger with Novellus Systems in June 2012. The integration of Novellus appears to be progressing according to plan as shipments and revenues in the September 2012 quarter are in line with the company's expectations. Also, to date, actions Lam Research took to capture cost synergies from the merger with Novellus has resulted in annualized cost savings of about $25 million, putting it on track to achieve its targeted annualized cost synergies of about $100 million by
