MIRA INFORM REPORT

Report Date :

29.11.2013

IDENTIFICATION DETAILS

Name :	MKS INSTRUMENTS, INC.
Registered Office :	Suite 201, 2 Tech Drive Andover, MA 01810
Country :	United States
Financials (as on) :	31.12.2012
Date of Incorporation :	1961
Legal Form :	Public Parent
Line of Business :	Subject is engaged in ) is a provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze parameters of manufacturing processes.
No. of Employees :	2,305

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments

Source : CIA

Company name and address

MKS INSTRUMENTS, INC.

Suite 201, 2 Tech Drive
Andover, MA 01810
United States
Map
Tel:	978-645-5500
Fax:	978-557-5100
Toll Free:	(800) 227-8766
www.mksinst.com

Employees:

2,305

Company Type:

Public Parent

Corporate Family:

33 Companies

Traded:

NASDAQ:

MKSI

Incorporation Date:

1961

Auditor:

PricewaterhouseCoopers LLP

Credit Rating:

A+ (100)

Fiscal Year End:	31-Dec-2012
Reporting Currency:	US Dollar
Annual Sales:	643.5 ^1
Net Income:	48.0
Total Assets:	1,134.8 ^2
Market Value:	1,580.3
	(08-Nov-2013)

Business Description

MKS Instruments, Inc. (MKS) is a provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze parameters of manufacturing processes. It also provides services relating to the maintenance and repair of its products, software maintenance, installation services and training. The primary markets it serves are manufacturers of semiconductor capital equipment and semiconductor devices and for other thin film applications, including flat panel displays, solar cells, light emitting diodes (LEDs), data storage media and other advanced manufactured products. The Company groups its products into three product groups, based upon the similarity of the product function, type of product and manufacturing processes. The three groups of products are: Instruments and Control Systems, Power and Reactive Gas Products and Vacuum Products. In March 2013, it acquired Alter Power Systems S.r.l. For the nine months ended 30 September 2013, MKS Instruments, Inc. revenues decreased 9% to $465M. Net income decreased 65% to $15.5M. Revenues reflect Products decrease of 9% to $389M, Services decrease of 7% to $76M. Net income also reflects Selling, general and administrative increase of 6% to $102.1M (expense), Research and development increase of 3% to $47.3M (expense).

Industry

Industry	Electromedical and Control Instruments Manufacturing
ANZSIC 2006:	2419 - Other Professional and Scientific Equipment Manufacturing
ISIC Rev 4:	2651 - Manufacture of measuring, testing, navigating and control equipment
NACE Rev 2:	2651 - Manufacture of instruments and appliances for measuring, testing and navigation
NAICS 2012:	334513 - Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables
UK SIC 2007:	2651 - Manufacture of instruments and appliances for measuring, testing and navigation
US SIC 1987:	3823 - Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

Key Executives   (Emails Available)

Name	Title
Leo Berlinghieri	Chief Executive Officer, Director
Gerald G. Colella	President, Chief Operating Officer
Seth H. Bagshaw	Chief Financial Officer, Vice President, Treasurer
Paul M. Eyerman	Vice President, General Manager - ENI Products
John T. C. Lee	Senior Vice President - Controls, HPS and PFMC

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	MKS Instruments Inc Announces Acquisition Of Alter Power Systems S.r.l.	12-Mar-2013
Divestitures	1	MKS Instruments Inc's Subsidiary Enters Into Option Agreement To Sell Assets Of Chilton Medical Center	6-Dec-2012
Negative Earnings Pre-Announcement	1	MKS Instruments Inc Issues Q3 2013 Guidance Below Analysts' Estimates-Conference Call	25-Jul-2013
Officer Changes	1	MKS Instruments Inc Announces Management Changes	23-Oct-2013
Other Earnings Pre-Announcement	2	MKS Instruments Inc Issues Q2 2013 Guidance In Line With Analysts' Estimates	24-Apr-2013

News

Title	Date
Sidoti Initiates Coverage on MKS Instruments (MKSI) American Banking News - Forex (388 Words)	26-Nov-2013
UK PATENT OFFICE PUBLISHED PATENT OF MKS INSTRUMENTS INC, TITLED AS "System for and method of fast pulse gas delivery" Plus Patent News (304 Words)	21-Nov-2013
Application of wideband sampling for arc detection with a probabilistic model for quantitatively measuring arc events U.S. Patents (136 Words)	18-Nov-2013
MKS Instruments to Participate at the Credit Suisse Yahoo! Singapore (194 Words)	18-Nov-2013
MKS Instruments to Participate at the Credit Suisse Annual Technology Conference GlobeNewswire (208 Words)	18-Nov-2013
Patent Issued for Power Distortion-Based Servo Control Systems for Frequency Tuning RF Power Sources Journal of Engineering (1322 Words)	13-Nov-2013

Financial Summary

As of 30-Sep-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	9.29	3.16
Quick Ratio (MRQ)	7.88	1.74
Sales 5 Year Growth	-3.79	6.76

Stock Snapshot

Traded: NASDAQ: MKSI

As of 8-Nov-2013

   Financials in: USD

Recent Price	29.69	EPS	0.99
52 Week High	31.00	Price/Sales	2.46
52 Week Low	22.60	Dividend Rate	0.64
Avg. Volume (mil)	0.25	Price/Book	1.55
Market Value (mil)	1,580.35	Beta	1.50

	Price % Change	Rel S&P 500%
4 Week	5.70%	1.67%
13 Week	10.95%	5.99%
52 Week	29.48%	0.73%
Year to Date	15.17%	-7.23%

ABI Number: 009012360

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
Suite 201, 2 Tech Drive
Andover, MA, 01810
Essex County
United States

Tel:	978-645-5500
Fax:	978-557-5100
Toll Free Tel:	(800) 227-8766

Quote Symbol - Exchange
MKSI - NASDAQ
Sales USD(mil):	643.5
Assets USD(mil):	1,134.8
Employees:	2,305
Fiscal Year End:	31-Dec-2012

Incorporation Date:	1961
Company Type:	Public Parent
Quoted Status:	Quoted

Chief Executive Officer, Director:

Leo Berlinghieri

Industry Codes

ANZSIC 2006 Codes:
2419	-	Other Professional and Scientific Equipment Manufacturing
7000	-	Computer System Design and Related Services
2422	-	Communication Equipment Manufacturing

ISIC Rev 4 Codes:
2651	-	Manufacture of measuring, testing, navigating and control equipment
2630	-	Manufacture of communication equipment
6202	-	Computer consultancy and computer facilities management activities

NACE Rev 2 Codes:
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation
2630	-	Manufacture of communication equipment
6202	-	Computer consultancy activities

NAICS 2012 Codes:
334513	-	Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables
334515	-	Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals
541511	-	Custom Computer Programming Services
334519	-	Other Measuring and Controlling Device Manufacturing
334220	-	Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing
334512	-	Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use

US SIC 1987:
3823	-	Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products
3825	-	Instruments for Measuring and Testing of Electricity and Electrical Signals
3822	-	Automatic Controls for Regulating Residential and Commercial Environments and Appliances
3663	-	Radio and Television Broadcasting and Communications Equipment
7371	-	Computer Programming Services
3829	-	Measuring and Controlling Devices, Not Elsewhere Classified

UK SIC 2007:
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation
26309	-	Manufacture of communication equipment (other than telegraph and telephone apparatus and equipment)
6202	-	Computer consultancy activities

Business Description

MKS Instruments, Inc. (MKS) is a provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze parameters of manufacturing processes. It also provides services relating to the maintenance and repair of its products, software maintenance, installation services and training. The primary markets it serves are manufacturers of semiconductor capital equipment and semiconductor devices and for other thin film applications, including flat panel displays, solar cells, light emitting diodes (LEDs), data storage media and other advanced manufactured products. The Company groups its products into three product groups, based upon the similarity of the product function, type of product and manufacturing processes. The three groups of products are: Instruments and Control Systems, Power and Reactive Gas Products and Vacuum Products. On August 30, 2012, the Company acquired Plasmart, Inc. of Daejeon, Korea. In March 2013, it acquired Alter Power Systems S.r.l.

The Company has a range of customers that includes manufacturers of semiconductor capital equipment and semiconductor devices, thin film capital equipment used in the manufacture of flat panel displays, LEDs, solar cells, data storage media and other coating applications; and other industrial, medical, pharmaceutical manufacturing, energy generation, environmental monitoring and other advanced manufacturing companies, as well as university, government and industrial research laboratories. During the year ended December 31, 2011, approximately 61% of its net sales were to semiconductor capital equipment manufacturers and semiconductor device manufacturers. During 2011, approximately 39% of its net sales were for other advanced manufacturing applications. These include, but are not limited to, thin film processing equipment applications, such as flat panel displays, LEDs, solar cells, data storage media and other thin film coatings, as well as medical equipment; pharmaceutical manufacturing, energy generation and environmental monitoring processes; other industrial manufacturing; and university, government and industrial research laboratories. Its customers include semiconductor capital equipment manufacturers, such as Applied Materials, Lam Research, Novellus Systems and Tokyo Electron.

Instruments and Control Systems

The Instruments and Control Systems product group includes pressure measurement and control, materials delivery, gas composition analysis and control and information technology products. Baratron Pressure Measurement Products are used to measure the pressure of the gases being distributed upstream of the process chambers, process chamber pressures and pressures between process chambers, vacuum pumps and exhaust lines. Automatic Pressure and Vacuum Control Products enable control of process pressure by electronically actuating valves that control the flow of gases in and out of the process chamber. Baratron pressure measurement instruments provide the pressure input to the automatic pressure control device. Its pressure control products can also accept inputs from other measurement instruments, enabling the automatic control of gas input or exhaust based on parameters other than pressure. Each of its materials delivery product lines combines MKS flow, pressure measurement and control technologies to provide customers with integrated subsystems and control capabilities.

Flow measurement products include gas and vapor flow measurement products based upon thermal conductivity, pressure and direct liquid injection technologies. The flow control products combine the flow measurement device with valve control elements based upon solenoid, piezo-electric and piston pump technologies. These products measure and automatically control the mass flow rate of gases and vapors into the process chamber. Gas composition analysis instruments are sold to a variety of industries, including the semiconductor industry. Mass Spectrometry-based Gas Composition Analysis Instruments are based on quadrupole mass spectrometer sensors that separate gases based on molecular weight. These sensors include built-in electronics and are provided with software that analyzes the composition of background and process gases in the process chamber. These instruments are provided both as portable laboratory systems and as process gas monitoring systems used in the diagnosis of semiconductor manufacturing process systems.

Fourier Transform Infra-Red (FTIR)-based gas composition analysis products provide information about the composition of gases by measuring the absorption of infra-red light as it passes through the sample being measured. Gas analysis applications include measuring the compositions of mixtures of reactant gases; measuring the purity of individual process gases; measuring the composition of process exhaust gas streams to determine process health, and monitoring gases to ensure environmental health and safety and monitoring combustion exhausts. These instruments are provided as portable laboratory systems and as process gas monitoring systems used in the diagnosis of manufacturing processes. Mass spectrometry-based and FTIR-based gas monitoring systems can indicate out-of-bounds conditions, such as the presence of undesirable contaminant gases and water vapor or out-of-tolerance amounts of specific gases in the process, which alert operators to diagnose and repair faulty equipment.

The Company designs and manufactures a range of products that allow semiconductor and other manufacturing customers to control their processes through computer-controlled automation. These products include digital control network products, process chamber and system controllers, connectivity products and data analysis/information products. Digital control network products are used to connect sensors, actuators and subsystems to the chamber and system control computers. They support a variety of industry-standard connection methods, as well as conventional discrete digital and analog signals. Chamber and system control computers process these signals in real time and allow customers to manage the process conditions. The Company’s connectivity products allow information to flow from the process sensors and subsystems and from the process tool control computer to the factory network. The Company designs online and off-line software products to analyze data.

Power and Reactive Gas Products

The Company’s Power and Reactive Gas Products group include power delivery and reactive gas generation products used in semiconductor and other thin film applications, including solar and in medical imaging equipment applications. It designs and manufactures microwave, direct current and radio frequency power delivery systems, as well as radio frequency matching networks and metrology products. In the semiconductor, thin film and other market sectors, its power supplies are used to provide energy to various etching, stripping and deposition processes. The Company’s power amplifiers are also used in medical imaging equipment. MKS designs and manufactures reactive gas generation products, which create reactive species. A reactive species is an atom or molecule in an unstable state, which is used to facilitate various chemical reactions in processing of thin films (deposition of films, etching and cleaning of films and surface modifications). A number of different technologies are used to create reactive gas, including different plasma technologies and barrier discharge technologies.

The Company’s reactive gas products include ozone generators and subsystems used for deposition of insulators onto semiconductor devices, ozonated water delivery systems for advanced semiconductor wafer and flat panel display cleaning, microwave plasma based products for photo resist removal and a line of remote plasma generators, which provide reactive gases for a range of semiconductor, flat panel and other thin film process applications. As materials are deposited on wafers, films, or solar cells, the deposited material also accumulates on the walls of the vacuum process chamber. Its atomic fluorine generators are used to clean the process chambers between deposition steps to reduce particulates and contamination caused by accumulated build up on the chamber walls.

Vacuum Products

The Company’s Vacuum Products group consists of vacuum technology products, including vacuum containment components, vacuum gauges, vacuum valves, effluent management subsystems and custom stainless steel chambers, vessels, pharmaceutical process equipment (BPE) hardware and housings. The Company offers a range of vacuum instruments consisting of vacuum measurement sensors and associated power supply and readout units, as well as transducers where the sensor and electronics are integrated within a single package. Its indirect gauges use thermal conductivity and ionization gauge technologies to measure pressure and vacuum levels, and its direct gauges use the pressure measurement technology of a micro electro-mechanical systems (MEMS)-based piezo sensor.

The Company’s vacuum valves are used for vacuum isolation of vacuum lines, load locks, vacuum chambers and pumps for chamber isolation and vacuum containment. Its vacuum process solutions consist of vacuum fittings, traps and heated lines that are used downstream from the semiconductor process chamber to control process effluent gasses by preventing condensable materials from depositing particles near or back into the process chamber. The Company’s design and manufacturing facilities build chambers for material and thin film coating, atomic layer deposition, lithography and all semiconductor and solar processes. It designs and builds custom panels, weldments, American Society of Manufacturing Engineers (ASME) vessels and housings, as well as a range of components for biopharmaceutical processes.

MKS competes with Hitachi, Horiba, Nor-Cal Products, VAT, Inficon, Brooks Automation and Advanced Energy.

More Business Descriptions

MKS Instruments, Inc. (MKS) is a provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze parameters of manufacturing processes. It also provides services relating to the maintenance and repair of its products, software maintenance, installation services and training. The primary markets it serves are manufacturers of semiconductor capital equipment and semiconductor devices and for other thin film applications, including flat panel displays, solar cells, light emitting diodes (LEDs), data storage media and other advanced manufactured products. The Company groups its products into three product groups, based upon the similarity of the product function, type of product and manufacturing processes. The three groups of products are: Instruments and Control Systems, Power and Reactive Gas Products and Vacuum Products. In March 2013, it acquired Alter Power Systems S.r.l. For the nine months ended 30 September 2013, MKS Instruments, Inc. revenues decreased 9% to $465M. Net income decreased 65% to $15.5M. Revenues reflect Products decrease of 9% to $389M, Services decrease of 7% to $76M. Net income also reflects Selling, general and administrative increase of 6% to $102.1M (expense), Research and development increase of 3% to $47.3M (expense).

Instruments, Subsystems & Process Control Solutions Mfr

Establishments primarily engaged in manufacturing special industry machinery, not elsewhere classified, such as smelting and refining equipment, cement making, clayworking, cotton ginning, glass making, hat making, incandescent lamp making, leather working, paint making, rubber working, cigar and cigarette making, tobacco working, shoe making, and stone working machinery, and industrial sewing machines, and automotive maintenance machinery and equipment

MKS Instruments, Inc. (MKS Instruments) develops and manufactures a range of instruments, subsystems and process control solutions. Its products are used to improve process performance and productivity of advanced processes. The company operates in China, France, Germany, Japan, Korea, the Netherlands, Singapore, Sweden, Taiwan, the UK and the US. The products cater wide range of markets including, Solar & Energy, Semiconductor, Air and Gas Analysis, Disk Drive/Data Storage, Flat Panel Displays, Manufacturing/industrial markets, Material Processing, and Pharmaceutical & Medical market. The company’s operations are spread across the globe. It has manufacturing facilities are located in China, Germany, Israel, Japan, Mexico, the UK and the US. The International sales account for a significant portion of the net sales of the company. In the second quarter of 2012, the company changed its reporting segments from one to four segments namely, Advanced Manufacturing Capital Equipment, Analytical Solutions Group, Europe Region Sales & Service and Asia Region Sales & Service. MKS Instruments’ The Advanced Manufacturing Capital Equipment segment undertakes the development, production, sales and servicing of instruments and control products, power and reactive gas products, materials delivery products and vacuum products. The company’s Analytical Solutions Group segment focuses in gas composition analysis, information technology products and custom fabrication services. The Europe and Asia region sales and service segments principally resell and service the Advanced Manufacturing Capital Equipment and Analytical Solutions Group products sold into their respective regions.The company’s products are divided into four groups, namely, Instruments and Control Systems, Power and Reactive Gas Products, Vacuum Products, and Analytical Solutions Group Products.. Instruments and Control Systems product group includes pressure measurement and controls products; materials delivery products; gas composition analysis products; control and information technology products. The pressure measurement and control products line consist of products for a variety of pressure ranges and accuracy. The product line includes, Baratron pressure measurement products, and automatic pressure and vacuum control products. The materials delivery product line consists of products for a variety of flow ranges and accuracy; the gas composition analysis products line includes mass spectrometry-based gas composition analysis instruments; fourier transform infra-red (FTIR) based gas composition analysis products; and leak detection products. The control and information technology products line offers digital control network products, process chamber and system controllers; connectivity products and data analysis/information products. For the fiscal year ended December 2012, the Instruments and Control Systems product group reported revenue of $258.52m, representing 40.2% of the company’s total revenue. The Power and Reactive Gas Products group includes, power delivery products and reactive gas generation products. These products are used in semiconductor and other thin film applications and in medical imaging equipment applications. For the fiscal year ended December 2012, the Power and Reactive Gas product group reported revenue of $251.66m, representing 39.1% of the company’s total revenue. The Vacuum Products group includes vacuum gauges, vacuum valves, stainless steel components, process solutions, custom stainless steel hardware and custom manufactured components. For the fiscal year ended December 2012, the Vacuum product group reported revenue of $66.41m, representing 10.3% of the company’s total revenue. The company’s Analytical Solutions Group products include gas composition analysis products, information technology products and custom fabrication services. For the fiscal year ended December 2012, the Analytical Solutions Group products group reported revenue of $66.90m, representing 10.4% of the company’s total revenue. Geographically, the company operates in four regions namely, the US, Japan, Europe, and Asia. For the fiscal year ended 2012, the United States region contributed 50.8% to the company’s total revenue, followed by Asia with 23.2%, Europe with 13.3% and Japan contributed 12.7% of the company’s total revenue. In March 2013, MKS Instruments acquired Alter Power Systems S.r.l. of Reggio Emilia, Italy. It develops advanced microwave power generators, components and systems for industrial microwave heating, microwave plasma coating and semiconductor applications. In August 2012, the company acquired Plasmart, Inc. of Daejeon, Korea. It develops radio frequency (RF) plasma generation and monitoring systems for the semiconductor, flat panel display, AMOLED and solar photovoltaic industries.

MKS Instruments, Inc. (MKS Instruments) is instruments, subsystems and process control solutions provider. Its products measure, control, power, monitor and analyze critical parameters, which improves process performance and productivity of advanced manufacturing processes. The company's products cater to various fields including pressure measurement and control, materials delivery, gas composition analysis, electrostatic charge management, control and information technology, power and reactive gas generation and vacuum technology. The company classifies its product portfolio into three groups, namely, Instruments and Control Systems, Power and Reactive Gas Products and Vacuum Products. It serves capital equipment manufacturers for semiconductor devices and other thin film applications; medical, industrial, and manufacturing companies; government, university and industrial research laboratories. MKS Instruments is headquartered in Andover, Massachusetts, the US.The company reported revenues of (U.S. Dollars) USD 643.51 million during the fiscal year ended December 2012, a decrease of 21.76% from 2011. The operating profit of the company was USD 74.22 million during the fiscal year 2012, a decrease of 59.86% from 2011. The net profit of the company was USD 48.03 million during the fiscal year 2012, a decrease of 62.98% from 2011.

MKS Instruments Inc. is a global provider of instruments subsystems and process control solutions that measure control power monitor and analyze critical parameters of advanced manufacturing processes to improve process performance and productivity. Our products are derived from our core competencies in pressure measurement and control materials delivery gas composition analysis control and information technology power and reactive gas generation and vacuum technology. Our primary served markets are manufacturers of capital equipment for semiconductor devices and for other thin film applications including flat panel displays solar cells light emitting diodes data storage media and other advanced coatings. We also leverage our technology in other markets with advanced manufacturing applications including medical equipment pharmaceutical manufacturing energy generation and environmental monitoring.

MKS Instruments is one of the leading worldwide providers of process control solutions for advanced manufacturing processes, such as semiconductor device manufacturing and thin film manufacturing for flat panel displays, optical storage media, architectural glass and electro-optical products. The company also provides technology for medical imaging equipment. Its instruments, components and subsystems incorporate sophisticated technologies to power, measure, control and monitor complex gas-related semiconductor manufacturing processes. MKS Instruments also offers a wide variety of analog and digital automatic pressure control instruments and valves. The controllers range from simple analog manual tuning units to adaptive digital signal processing systems. MKS Instruments is located in Andover, Mass.

Product Codes

Product Code	Product Description
AUT-MC-PI	Input/output (I/O) modules
AUT-MV-C	Sensor system
ENV-AN-G	Gas analyzers
SOF-CS-C	Wireless communications PDA controller software - DNpocket(tm)
SOF-MA-P	Process control software
SUB-CL-B	Gateway serial connectors
SUB-EM-K	Gauges
SUB-ES-GE	DC generators
SUB-ES-GE	Microwave power generators
SUB-ES-GE	Electrical/electronic generators
SUB-ES-GE	Gas generators
SUB-ES-GS	RF generators
SUB-ME-B	Valves
SUB-ME-M	Heating pumps
SUB-ME-O	Vacuum equipment
SUB-SE-I3	I/O Controllers
SUB-TR	Transducers
TAM-AN-C	Gas analyzers
TAM-DE	Gas pressure detectors
TAM-ME-MF	Thermal mass flow meters
TAM-ME-MP	Manometers
TAM-ME-MP	Pressure measuring equipment
TAM-PV-G	Gas density controllers
TAM-PV-M	Control valves
TAM-PV-M	Control systems
TAM-PV-P	Pressure controllers
TAM-SC-ISF	Fourier transform infrared spectrometers
TAM-SC-ISM	Quadruple spectrometers
TAM-SC-LX	Combustion monitors
TEL-CI-N	Bus adapters

Financial Data

Financials in:	USD(mil)
Revenue:	643.5
Net Income:	48.0
Assets:	1,134.8
Long Term Debt:	0.0
Total Liabilities:	122.7
Working Capital:	0.8
Date of Financial Data:	31-Dec-2012

Market Data

Quote Symbol:	MKSI
Exchange:	NASDAQ
Currency:	USD
Stock Price:	29.7
Stock Price Date:	11-08-2013
52 Week Price Change %:	29.5
Market Value (mil):	1,580,349.0
SEDOL:	2404871
ISIN:	US55306N1046
Equity and Dept Distribution:
Common Stock no Par, 04/11, 200M auth., 52,264,426 issd. Insiders own 3.21%. IPO 3/30/99, 6.5M shares(6M by the Co.) @ $14 by NationsBanc Montgomery Securities LC. *NOTE: 1/01, Company acquired Applied Science & Technologies, Inc. @ 0.7669 shares (11,107,069 shares issued)

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers LLP

Additional Infomation

ABI Number:

009012360

Strategic Initiatives

Key Organizational Changes

In September 2011, the company acquired GE's EO3 line of ozone generators from General Electric. These generators are used for water/ sterilization for food applications and bottled beverages for reducing bacteria levels in process water from pharmaceutical and biotech manufacturing, and for other water treatment applications. The acquisition of the EO3 product line further expands the ozone product offering of the company into water treatment for pharmaceutical, industrial and food and beverage applications. The growth initiatives provide enough opportunity for the company to increase its business-to-business marketing through alliance network and channels.Product LaunchesThe new products help the company in enhancing its revenue and attracting new customers. In July 2012, the company introduced two new flow control solutions: the P-Series and G-Series multi-range, multi-gas Mass Flow Controller (MFC) families.

Sales and Distribution

A significant portion of our international net sales were sales in Japan and Korea. We expect that international net sales will continue to represent a significant percentage of our total net sales. On August 29, 2012, we completed our acquisition of Plasmart, Inc. located in Daejeon, Korea. Plasmart develops radio frequency (RF), plasma generation and monitoring systems for the semiconductor, flat panel display, active matrix organic light emitting diodes and solar photovoltaic industries. The purchase price was $22.6 million, net of $0.1 of cash acquired, after final working capital post close adjustments.

 Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths Global Presence Strong Liquidity Robust R&D Capabilities	Weaknesses Dependence on Few Customers Decreasing Operational Efficiency
External Origin (attributes of the environment)	Opportunities Positive Outlook for Solar PV Market and Solar CSP Strategic Growth Initiatives Product Launches	Threats Government Regulations Vulnerability of Intellectual Property Intensifying Competition

Overview

MKS Instruments, Inc. (MKS Instruments) provides instruments, subsystems and process control solutions to improve process performance and productivity of advanced manufacturing processes. The company’s operations are extensively spread across the globe, which enable it to further expand and generate high revenues. The company emphasizes on continuous investment in R&D and thereby introduces new products and solutions to the market. But, the company’s shrinking revenue coupled with dependence on few customers is a serious cause of concern for the company. However, the strategic acquisitions made by the company and the positive outlook for the solar energy sector broadens the growth opportunity for the company. Nevertheless, factors such as intensifying competition from other players in the market; and the rising uncertainties in global economy could adversely affect the company’s business operations.

Strengths

Global Presence

Wider reach in terms of geography would mean reaping more benefits, eventually improving the profit margins, attaining economies of scale and recognition on a worldwide basis. Headquartered in the US, the company has operations across the Europe, Asia and North America. Geographically, the company operates through four regions, namely, United States, Japan, Europe and Asia. For the fiscal year ended 2012, the United States region contributed 50.8% to the company’s total revenue, followed by Asia with 23.2%, Europe with 13.3% and Japan contributed 12.7% of the company’s total revenue. Geographical diversity enables the company mitigate various risks associated with the over dependence on a specific market. It bestows the company with a wide customer base, strong brand presence and growth opportunities across emerging markets. The operations of MKS Instruments are spread across the globe. The company’s manufacturing facilities are located in China, Germany, Israel, Japan, Mexico, the UK and the US. International sales account for a significant portion of the net sales of the company. The company has an opportunity to value for money business model with the cost efficient outsourcing services offered by the emerging countries like China.

Strong Liquidity

Strong liquidity helps the company in meeting its working capital requirements effectively. The company reported an increase in all the liquidity ratios owing to decreased current liabilities, which declined from $96.43m in 2011 to $79.31m in 2012. During the fiscal year ended 2012, the company reported current ratio of 10.94 times as against 9.17 times in 2011, followed by quick ratio of 9.24 times as against 7.58 times, and cash ratio of 7.75 times in 2012 as against 5.86 times in 2011. Growth in current ratio indicates that the company is in a strong position to meet its short-term obligations. The company also reported an increase in its cash and short term investments in fiscal year 2012. The company had $615.24m in cash and short term investments as of December 2012, as compared to cash and short term investments of $565.52m in 2011. Increasing cash reserves indicate the company’s ability to obtain additional debt to finance acquisitions, capture business opportunities and meet capital expenditure or other capital requirements in the future.

Robust R&D Capabilities

MKS Instruments has robust research and development (R&D) capabilities. The R&D activities of the company focus on improving the performance of older products and developing new products. The company has undertaken several projects to enhance and develop its various products, including instruments, components, subsystems and process control solutions to improve process performance and productivity. With strong R&D, the company has developed new products in line with the industry trends, such as the shrinking of integrated circuit critical dimensions to 22 nanometers and below. The semiconductor industry is going through a phase of transition. Some of the changes include shift towards larger substrate sizes that require more advanced process control technology. In order to adapt to the changes in the industry, the company focuses on continuous investment in R&D. In last three years, the company spent $183.84m in research and development activities. In 2012, the company introduced various new products including P-Series and G-Series mass flow controllers and HPQ3/HPQ3S residual gas analyzers. The strong R&D capabilities of the company enable it to implement innovative technology and deliver advance products, solutions and services that meet its customers' critical needs.

Weaknesses

Dependence on Few Customers

The company generates a significant amount of revenue from a few major companies including semiconductor capital equipment manufacturers such as Applied Materials, Lam Research and Tokyo Electron. For the fiscal year ended December 2012, Applied Materials accounted for approximately 14% of the company's total revenue in 2012. The company's sales to the top ten customers accounted for 42% of the total sales revenue in the fiscal year 2012. Similarly, the company’s sales to top ten customers reported 41% in 2011. The company’s inability to continue to perform services for a number of large existing customers, if not offset by sales to new or other existing customers could have a material adverse effect on its business and operations.

Decreasing Operational Efficiency

MKS Instruments has reported a decrease in operating margins and increasing cost structure in 2012. The company’s revenue reported $643.51m in 2012, indicating a decreased of 21.8% over $822.52m in 2011. It’s operating income decreased by 59.9% from $184.93m in 2011 to $74.22m in 2012. The company’s operating margins drop down to 11.53% in 2012 as compared to 22.48% in 2011. Also, the company’s cash from operating activities reported a decline of 12.1% from $156.04m in 2011 to $137.17m in 2012. On the other hand, the company’s costs such as operating and administrative cost reported an increase over previous year. In 2012, the operating cost of the company increased from 77.51% in 2011 to 88.46% in 2012. Similarly, the company’s administrative cost increased to 19.51% in 2012 as compared to 15.56% in 2011. The company's underperformance could be attributed to a weak competitive position or inferior products and services offering or lack of innovative products and services.

Opportunities

Positive Outlook for Solar PV Market and Solar CSP

The company could benefit from the rapidly growing solar photovoltaics (PV) market, augmented by various effective supporting policies. According to the Medium-Term Renewable Energy Market Report 2012 published by International Energy Agency, global solar PV generation increased to 65 TWh in 2011 from 4 TWh in 2005. According to its projections from 2011 to 2017, the global solar electricity generation would increase to 279 TWh by 2017. Besides, global solar CSP generation increased to 4 TWh in 2011 from 1 TWh in 2005. According to its projections from 2011 to 2017, the global solar CSP electricity generation would increase to 31 TWh by 2017. Against the backdrop of favorable policy frameworks for the development of the PV market, the global solar PV installed capacity will continue to grow at a CAGR of 20.2% during the forecast period of 2011-2020 to reach 362,842 MW by 2020.

Strategic Growth Initiatives

The company expands its operations and increases its customer base with strategic growth initiatives. The acquisitions help the company in expanding its business operations and also help in adding and attracting new customers. In March 2013, MKS Instruments acquired Alter Power Systems S.r.l. of Reggio Emilia, Italy. It develops advanced microwave power generators, components and systems for industrial microwave heating, microwave plasma coating and semiconductor applications. In August 2012, the company acquired Plasmart, Inc. of Daejeon, Korea. It develops radio frequency (RF) plasma generation and monitoring systems for the semiconductor, flat panel display, AMOLED and solar photovoltaic industries. In September 2011, the company acquired GE's EO3 line of ozone generators from General Electric. These generators are used for water/ sterilization for food applications and bottled beverages for reducing bacteria levels in process water from pharmaceutical and biotech manufacturing, and for other water treatment applications. The acquisition of the EO3 product line further expands the ozone product offering of the company into water treatment for pharmaceutical, industrial and food and beverage applications. The growth initiatives provide enough opportunity for the company to increase its business-to-business marketing through alliance network and channels.

Product Launches

The new products help the company in enhancing its revenue and attracting new customers. In July 2012, the company introduced two new flow control solutions: the P-Series and G-Series multi-range, multi-gas Mass Flow Controller (MFC) families. These MFCs feature full digital control architecture for fast response to setpoint over the operable device range. The P-Series MFCs are designed for critical mass flow applications like those required in semiconductor and high end MOCVD applications. In May 2012, the company introduced high pressure, compact HPQ3S and HPQ3 residual gas analyzers (RGAs). These RGAs are robust, sensitive and fast PVD chamber sensors that do not require differential pumping. The HPQ3 and HPQ3S quadrupole monitors offer the highest levels of automation.

Threats

Government Regulations

MKS Instruments is subject to federal, state, local and foreign regulations, including environmental regulations and regulations relating to the design and operation of its products. It must ensure that the affected products meet a variety of standards, many of which vary across the countries in which its systems are used. For example, the European Union has published directives specifically relating to power supplies. In addition, the European Union has issued directives relating to regulation of recycling and hazardous substances, which may be applicable to its products, or to which some customers may voluntarily elect to adhere to. In addition, China has adopted, and certain other Asian countries have indicated an intention to adopt similar regulations. The company must comply with any applicable regulation adopted in connection with these types of directives in order to ship affected products into countries that adopt these types of regulations. The company believes that it is in compliance with current applicable regulations, directives and standards and have obtained all necessary permits, approvals and authorizations to conduct its business. However, compliance with future regulations, directives and standards, or customer demands beyond such requirements, could require it to modify or redesign certain systems, make capital expenditures or incur substantial costs. If the company does not comply with current or future regulations, directives and standards: It could be subject to fines; its production could be suspended or it could be prohibited from offering particular system in specified markets.

Vulnerability of Intellectual Property

The concept of Intellectual property benefits any company, providing a financial incentive for the creation. The company’s intellectual property includes $yrights, patents, trademarks, industrial design rights and various trade secrets. The company has to deliberately doctor the protection of its intellectual property rights as it operates in various sensitive businesses. As of December 31, 2012, the company owned 370 US patents, 440 foreign patents and had 116 pending US patent applications that expire at various dates through 2031. The company relies on various current laws to establish and protect its proprietary rights. Though the company escorts its intellectual property rights affectively, the increasing technological developments make it highly difficult. The company’s intellectual property rights could be challenged, invalidated, or infringed by competitors, which may adversely affect the company’s business by hindering its progress.

Intensifying Competition

MKS Instruments operates in a highly competitive market. The company faces intense competition from other companies in the industry driven by rapidly changing technology. The other industry competitive factors include customer relationships, product quality, price, breadth of product line, manufacturing capabilities, and customer service and support. Few of the company’s competitors are large and have fast access to greater financial and other resources than MKS Instruments. In few cases, the company's competitors are smaller, but are well established in specific product niches. MKS Instruments has always threat from possible competitors such as Advanced Energy and Horiba that offer materials delivery products which compete with the company’s product line of mass flow controllers; Inficon that offers products compete with the company’s gas analysis and vacuum measurement products; Nor-Cal Products and VAT that offer products, which compete with its vacuum components; Brooks Automation and Inficon offer products that compete with its vacuum gauging products; and Advanced Energy offers products that compete with the company’s power delivery and reactive gas generator products. Further, as the industry becomes more attractive, new players could also foray in the market and make it more competitive. Rising competition could make it difficult for the company to attract and retain customers and the market share of the company could be severely affected. Intense competition could have negative impact on the company’s operations as any failure to compete effectively on areas such as pricing, services and quality could negatively impact the revenue and overall performance of the company.

 Corporate Structure News:

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
MKS Instruments, Inc.	Parent	Andover, MA	United States	Electromedical and Control Instruments Manufacturing	643.5	2,305
MKS Instruments Inc	Branch	Rochester, NY	United States	Medical Equipment and Supplies	99.4	370
MKS ENI Products	Unit	Rochester, NY	United States	Semiconductor and Other Electronic Component Manufacturing		350
MKS ASTeX Products	Unit	Wilmington, MA	United States	Electromedical and Control Instruments Manufacturing		300
ASTeX GmbH	Subsidiary	Berlin, Berlin	Germany	Electromedical and Control Instruments Manufacturing	34.9	25
MKS/HPS Products	Unit	Boulder, CO	United States	Metal Products Manufacturing		200
MKS Instruments Inc	Branch	San Jose, CA	United States	Home Furnishings Retail	56.2	188
MKS Instruments Inc	Branch	Andover, MA	United States	Machinery and Equipment Manufacturing	49.5	188
MKS Instruments Inc	Branch	Boulder, CO	United States	Medical Equipment and Supplies	51.8	175
MKS Ion Systems	Subsidiary	Alameda, CA	United States	Electrical Equipment and Appliances Manufacturing		105
Telvac Engineering Ltd.	Subsidiary	Telford	United Kingdom	Miscellaneous Professional Services		75
MKS Instruments Deutschland GmbH	Subsidiary	München, Bayern	Germany	Electromedical and Control Instruments Manufacturing		70
MKS Germany Holding GmbH	Subsidiary	München, Bayern	Germany	Holding Companies		60
MKS Instruments Inc	Branch	Colorado Springs, CO	United States	Semiconductor and Other Electronic Component Manufacturing	13.5	50
MKS Instruments Inc	Branch	San Jose, CA	United States	Electromedical and Control Instruments Manufacturing	12.5	50
MKS Taiwan Technology Ltd.	Subsidiary	Hsin-chu	Taiwan	Electrical Equipment and Appliances Manufacturing		50
MKS Japan, Inc.	Subsidiary	Tokyo, Suginami-Ku	Japan	Electromedical and Control Instruments Manufacturing		40
MKS Umetrics AB	Subsidiary	Umea	Sweden	Computer System Design Services	7.8	37
Mks Instruments (Singapore) Pte. Ltd.	Subsidiary	Singapore	Singapore	Electromedical and Control Instruments Manufacturing		30
Spectra Sensortech Ltd.	Subsidiary	Crewe	United Kingdom	Petroleum and Natural Gas Extraction		20
MKS Shanghai Ltd.	Subsidiary	Shanghai	China	Electromedical and Control Instruments Manufacturing		20
Mks Technology Ltd.	Subsidiary	Crewe	United Kingdom	Miscellaneous Personal Services		15
MKS Instruments Inc	Branch	Methuen, MA	United States	Electromedical and Control Instruments Manufacturing	2.6	12
MKS Denmark APS	Subsidiary	Hellebaek	Denmark	Electromedical and Control Instruments Manufacturing	0.0	12
MKS Instruments Inc	Branch	Bel Air, MD	United States	Electromedical and Control Instruments Manufacturing	2.1	9
Umetrics, Inc.	Subsidiary	San Jose, CA	United States	Computer Programming		9
MKS Instruments France S.A.	Subsidiary	Le Bourget, Cedex	France	Electromedical and Control Instruments Manufacturing	5.2	7
MKS Instruments Inc	Branch	Fullerton, CA	United States	Electromedical and Control Instruments Manufacturing	0.5	2
MKS Instruments Inc	Branch	Norristown, PA	United States	Rubber and Plastic Product Manufacturing	0.3	1
M.K.S. Tenta Products Ltd.	Subsidiary	Lod	Israel	Nonclassifiable Establishments	4.6
M K S Tega Ltd	Subsidiary	Karmiel	Israel	Electromedical and Control Instruments Manufacturing	10.5	60
MKS Materials Delivery Products	Unit	Methuen, MA	United States	Electromedical and Control Instruments Manufacturing
MKS MSC, Inc.	Subsidiary	Wilmington, MA	United States	Electromedical and Control Instruments Manufacturing

Competitors Report

CompanyName	Location	Employees	Ownership
Advanced Energy Industries, Inc.	Fort Collins, Colorado, United States	1,354	Public
Applied Materials, Inc.	Santa Clara, California, United States	14,500	Public
ATMI Inc	Danbury, Connecticut, United States	817	Public
Brooks Automation, Inc.(USA)	Chelmsford, Massachusetts, United States	1,427	Public
BW Technologies by Honeywell	Calgary, Alberta, Canada	300	Private
CVD Equipment Corporation	Ronkonkoma, New York, United States	171	Public
Entegris Inc	Billerica, Massachusetts, United States	2,700	Public
Hitachi America, Ltd.	Brisbane, California, United States	100	Private
Hitachi, Ltd.	Chiyoda-Ku, Japan	326,240	Public
HORIBA, Ltd.	Kyoto-Shi, Japan	5,530	Public
INFICON Holding AG	Bad Ragaz, Switzerland	948	Public
INFICON Inc.	East Syracuse, New York, United States	250	Private
Intelligent Instrumentation	Tucson, Arizona, United States	25	Private
Nova Measuring Instruments Ltd.	Rehovot, Israel	367	Public
Novellus Systems, Inc.	San Jose, California, United States	2,855	Private
Texas Instruments Incorporated	Dallas, Texas, United States	34,151	Public
Ultra Clean Holdings Inc	Hayward, California, United States	1,506	Public

Executives Report

Board of Directors

Name	Title	Function
John R. Bertucci	Chairman of the Board	Chairman
Biography: Mr. John R. Bertucci is Chairman of the Board of MKS Instruments, Inc. Mr. Bertucci has served as director since 1974, and has been Chair of the Board of Directors since November 1995. Mr. Bertucci served as Executive Chair from July 2005 until December 2006. Mr. Bertucci served as Chief Executive Officer from November 1995 to July 2005 and served as President from 1974 to May 1999 and again from November 2001 to April 2004. From 1970 to 1974, he was Vice President and General Manager. Mr. Bertucci holds an M.S. in Industrial Administration and a B.S. in Metallurgical Engineering from Carnegie Mellon University. Mr. Bertucci has served as a member of the Board of Trustees of Carnegie Mellon University since May 2002. He has served as a member of the Executive Board of The Massachusetts High Technology Council since February 1999, serving as Chair from February 2005 to February 2007. He serves as a member of the Board of Trustees or the Board of Directors of three non-profit organizations. Mr. Bertucci’s 30 years of experience working for MKS, including a combined 28 years as President, gives him a unique insight into the challenges and strategies relevant to the semiconductor industry as a whole, and to the Company in particular. Age: 72 Education: Carnegie Mellon University, MS (Industrial Administration) Carnegie Mellon University, BS (Metallurgical Engineering) Compensation/Salary:$450,008 Compensation Currency: USD
Cristina H. Amon	Independent Director	Director/Board Member
Biography: Ms. Cristina H. Amon is an Independent Director of MKS Instruments Inc. She has served as the Dean, Faculty of Applied Science and Engineering, Alumni Chair Professor of Bioengineering and a member of the Department of Mechanical and Industrial Engineering at the University of Toronto since July 2006. Prior to that, Ms. Amon served at Carnegie Mellon University, as Director of the Institute for Complex Engineered Systems from September 1999 until July 2006, and was a Raymond Lane Distinguished Professor, Mechanical Engineering and Biomedical Engineering from September 2001 until July 2006. In her roles at the University of Toronto and Carnegie Mellon, Ms. Amon has led research in micro-fabrication, sustainable energy, thermal management of electronics and nano-scale transport in silicon thin films. Ms. Amon has served as Executive Board Member of the American Society for Engineering Education (ASEE), Engineering Deans Council since 2007 and a Member of its Global Engineering Deans Council from 2008 through 2010. She has served as the Nominating Committee Chair for the American Association for the Advancement of Science (AAAS) from 2006 to 2007, served as an Executive Board Member of the American Society of Mechanical Engineers (ASME), Electronic and Photonic Packaging division since 2001, served on the External Advisory Board for the Department of Mechanical and Aerospace Engineering at the University of Texas, Department of Mechanical Engineering at Stanford University since 2008, and served on the Board of Visitors for the College of Engineering at UIUC since 2009. She is a Fellow of AAAS, ASEE, ASME, EIC, IEEE, NAE, RSC and CAE. Age: 56 Education: Massachusetts Institute of Technology, MS (Mechanical Engineering) Massachusetts Institute of Technology, ScD (Mechanical Engineering) Simon Bolivar University, bachelor's (Mechanical Engineering)
Robert R Anderson	Independent Director	Director/Board Member
Biography: Mr. Robert R. Anderson is an Independent Director of MKS Instruments Inc., since January 2001. Mr. Anderson is a private investor. From October 1998 to April 2000, Mr. Anderson served as CEO of Yield Dynamics, Inc., a private semiconductor control software company, which was acquired by MKS in 2007 and later sold in 2010. Mr. Anderson served as CEO of Silicon Valley Research, Inc., a semiconductor design automation software company, from December 1996 to August 1998 and as Chair from January 1994 to January 2001. Mr. Anderson was co-founder and served as Chief Financial Officer, Chief Operating Officer and Chair of KLA Instruments, a supplier of process control and yield management solutions for the semiconductor and related nanoelectronics industries, from 1975 through 1994. He was Chief Financial Officer of Computervision from 1970 through 1975. Mr. Anderson has served as the President and a director of a private foundation since September 2000. He has also served as a director of Aehr Test Systems, Inc., a manufacturer of semiconductor test and burn-in equipment, since October 2000, and currently serves on Aehr’s Audit and Compensation committees. He has also served as a director of Energetiq Technology, Inc., a privately held company, since May 2005. Mr. Anderson served as a director of Yield Dynamics from October 1998 to December 2003, serving as its Chair from October 1998 to October 2000. In addition, he served as a director of NPL, Inc. from 2000 to January 2005, as a director of Trikon Technologies from 1998 to December 2005, and a director of Aviza Technology, Inc. from December 2005 to March 2009. Mr. Anderson has served on over 18 public and private boards, and has served as CFO, CEO and Chair of several public corporations. Age: 73 Education: Bentley College
Gregory R. Beecher	Lead Independent Director	Director/Board Member
Biography: Mr. Gregory R. Beecher is Lead Independent Director of MKS Instruments, Inc., since August 1, 2006. Mr. Beecher has served as CFO of Teradyne, Inc., a semiconductor and system level test equipment provider, since 2001. He is a certified public accountant, and was an audit partner with PricewaterhouseCoopers LLP from October 1993 to March 2001, working with numerous semiconductor equipment and instrument providers, along with other technology-related enterprises, and advising on complex accounting issues. Mr. Beecher served as a director, and Chair of the Audit Committee, of MatrixOne, from 2004 through 2006. Mr. Beecher has an M.S. in accounting from Northeastern University. Age: 55 Education: Northeastern University, MS (Accounting) University of Hartford, BS
Richard S. Chute	Secretary, Independent Director	Director/Board Member
Biography: Mr. Richard S. Chute is Secretary, Independent Director of MKS Instruments, Inc. Mr. Chute has served as the company director since 1974. Mr. Chute was a member of the law firm of Hill & Barlow, a Professional Corporation, from 1971 to January 2003, with an corporate practice, and is currently an attorney in private practice. Mr. Chute has served as a director of Massachusetts Audubon Society, Inc. since October 2004, currently serving as Chair of its Audit Committee and a member of its Administration and Finance Committee, the Committee on the Board and its Diversity Committee. Mr. Chute has also served as a director and member of the Nominating Committee of Manomet, Inc. since November 1993. He has served on 15 other non-profit and private company boards. Mr. Chute’s legal experience provides him with a unique perspective, which is particularly in Mr. Chute’s current roles as Secretary of the Company and as Chair of the Nominating and Corporate Governance Committee. Age: 74
Peter R. Hanley	Independent Director	Director/Board Member
Biography: Mr. Peter R. Hanley is an Independent Director of MKS Instruments, Inc., since March 2008. From December 2009 until November 2010, Mr. Hanley served as an occasional consultant to Novellus Systems, Inc, a developer of semiconductor manufacturing equipment. From January 2004 until December 2007, Mr. Hanley served as a part-time employee of Novellus, engaged primarily in executive training. Mr. Hanley served as President of Novellus from May 2001 to December 2003. Prior to that, he served as Novellus’ Executive Vice President of Worldwide Sales from June 1992 until May 2001. Prior to joining Novellus, Mr. Hanley served from 1985 to 1992 at Applied Materials, Inc., a in the semiconductor capital equipment industry, most recently as Group Vice President of Worldwide Sales and Service and previously as Vice President and General Manager of their Etch Products Division. Before joining Applied Materials, Mr. Hanley served from 1978 to 1984 at Varian Associates, a in the semiconductor capital equipment industry, most recently as Vice President of Technology and previously as Vice President and General Manager of their Extrion Ion Implantation Division. Mr. Hanley has served as a director of Crossing Automation since January 2010, and has served as a director of a non-profit organization since 2008. From 2004 to May 2007, Mr. Hanley served as a director of Thermawave, Inc., a developer of process control metrology systems used in the manufacture of semiconductors, which was sold to KLA Tencor. Mr. Hanley’s background in the semiconductor industry, for more than 25 years, including senior management roles at Novellus and Applied Materials, two of MKS’ customers, provides the Board of Directors with insights into the industry’s sales and marketing challenges and opportunities. Age: 73 Education: Cornell University, PHD (Applied Physics) Northeastern University, BS (Mechanical Engineering)
Elizabeth A. Mora	Independent Director	Director/Board Member
Biography: Ms. Elizabeth A. Mora is an Independent Director of Mks Instruments Inc., since May 2012. Ms. Mora has served since 2008 as the Chief Financial Officer of The Charles Stark Draper Laboratory, Inc., a non-profit engineering research and development laboratory serving the national interest in applied research, engineering development, advanced technical education, and technology transfer. From 1997 until 2008, she worked for Harvard University, ultimately serving as Chief Financial Officer and Vice President for Finance at the University, and previously serving as Associate Vice President, Research Administration and the Director of the Office of Sponsored Research. Prior to joining Harvard, Ms. Mora worked for Coopers and Lybrand (now PricewaterhouseCoopers LLP) from 1989 to 1997 and was one of the founding members of its National Regulatory Consulting Practice. Ms. Mora is a Certified Public Accountant and has an M.B.A. from the Simmons College Graduate School of Management. She serves as a member of the Audit Committee of the Olin College of Engineering. Age: 52 Education: Simmons Graduate School of Management, MBA

Executives

Name	Title	Function
Leo Berlinghieri	Chief Executive Officer, Director	Chief Executive Officer
Biography: Mr. Leo Berlinghieri is no longer Chief Executive Officer, Director of MKS Instruments, Inc., effective December 30, 2013. He previously served as the company President and Chief Operating Officer from April 2004 to July 2005, and as the company Vice President and Chief Operating Officer from July 2003 until April 2004. From November 1995 to July 2003, he served as the company Vice President, Global Sales and Service. From 1980 to November 1995, he served in various management positions of MKS, including Manufacturing Manager, Production and Inventory Control Manager, and Director of Customer Support Operations. Mr. Berlinghieri has served as a director of Rudolph Technologies, Inc. since September 2008. Age: 59 Compensation/Salary:$624,519 Compensation Currency: USD
Gerald G. Colella	President, Chief Operating Officer	President
Biography: Mr. Gerald G. Colella is has been appointed as President, Chief Executive Officer, Director of MKS Instruments Inc., effective January 1, 2014. Mr. Colella joined MKS in 1983. He has served as MKS' President and Chief Operating Officer since February 2013, after serving as our Vice President and Chief Operating Officer from January 2010 to February 2013, and as our Vice President and Chief Business Officer from April 2005 to January 2010. He previously served in various capacities, including Acting Vice President, PRG Products; Vice President, Global Business and Service Operations; and in a number of roles within materials planning and logistics. Mr. Colella joined MKS in 1983. He holds a B.A. in Secondary Education from the University of Massachusetts and an M.B.A. from Southern New Hampshire University. Age: 56 Education: University of Manchester, MBA University of Massachusetts Lowell, BA (Secondary Education) Compensation/Salary:$431,673 Compensation Currency: USD
Paul M. Eyerman	Vice President, General Manager - ENI Products	Division Head Executive
Biography: Mr. Paul M. Eyerman is Vice President, General Manager - ENI Products of MKS INSTRUMENTS INC. Mr. Eyerman has served as the company General Manager, ENI Products since January 2004 and has additionally been a Vice President since March 2010. From January 2002 until January 2004, Mr. Eyerman served as the company General Manager, Medical Electronics. Prior to joining MKS, from March 1999 to November 2001, Mr. Eyerman served as Vice President Marketing at Fujant, Inc., a developer of advanced power amplifier products. From 1997 to 1999, Mr. Eyerman served as Senior Director Product Management at ADC Telecommunications, Inc., a producer of telecommunications equipment. From 1983 to 1997, he served in various positions at Motorola, Inc., most recently as Senior Product Manager. Mr. Eyerman has a B.S. in Electrical Engineering from the University of Illinois Champaign/Urbana, an M.S. in Electrical Engineering from Illinois Institute of Technology and an M.B.A. from Northwestern University. Age: 51 Education: Northwestern University, MBA Illinois Institute of Technology, MS (Electrical Engineering) University of Illinois at Urbana-Champaign, BS (Electrical Engineering)
Paul A. Loomis	Vice President, General Manager - ASTeX Products	Division Head Executive
Biography: Mr. Paul A. Loomis is Vice President, General Manager - ASTeX Products of Mks Instruments Inc. Mr. Loomis has served as General Manager, ASTeX Products since July 2007 and has additionally been a Vice President since March 2010. From August 2002 until July 2007, Mr. Loomis served as Product / Business Unit Manager, ASTeX Products. Prior to joining MKS, Mr. Loomis served in various leadership positions including Product Manager, Operations Manager and Strategic Marketing Manager at Axcelis Technologies (formerly Eaton Semiconductor Equipment Operations), a global supplier of ion implantation equipment used in the semiconductor manufacturing industry. Prior to that, Mr. Loomis served in various engineering leadership positions at General Dynamics Electric Boat, a designer and builder of nuclear powered submarines. Mr. Loomis received his M.B.A. from Boston University, M.S.E.E. from Rensselaer Polytechnic Institute and B.S.E.E. from the University of Maryland. Age: 48 Education: Boston University, MBA (Electrical Engineering) University of Maryland, MS (Electrical Engineering) Rensselaer Polytechnic Institute, BS
Kathleen F Burke View Email	Assistant Secretary, General Counsel, Vice President	Senior Management (General)
John A Smith View Email	Senior Vice President	Senior Management (General)
Biography: Dr. Smith has served as our Vice President and Group Vice President ASG (our Analytical Solutions Group) since January 2011. Dr. Smith served as Vice President and Chief Technology Officer from January 2005 until January 2011. From December 2002 to January 2005 Dr. Smith served as Vice President of Technology and General Manager of the Instruments and Control Systems Product Group which was comprised of Pressure Measurement and Control Materials Delivery Gas Composition and Analysis and Control and Information Technology products. Prior to this position Dr. Smith served as Vice President and General Manager of Materials Delivery Products and Advanced Process Control from February 2002 to December 2002. From July 1994 until February 2002 he was Managing Director of MKS Instruments U.K. Ltd. Dr. Smith has a Ph.D. in electronic engineering from the University of Manchester U.K. Age: 60
William D Stewart	Operations, Vice President	Senior Management (General)
Education: University of Colorado, BS (Business Administration) Northwestern University, MBA
Ronald C Weigner	Treasurer, Vice President	Senior Management (General)
Education: Boston University, BS (Business Administration)
Michael Brahm View Email	Director of Operations	Operations Executive
Robyn Power View Email	Technical Operations Manager	Operations Executive
Brian Quirk View Email	Vice President of Global Operations	Operations Executive
Bill Sullivan View Email	Senior Vice President of Operations	Operations Executive
Dan Taylor View Email	Director Service Operations	Operations Executive
Kathleen Kenny View Email	Safety Administrator, Human Resources	Environment/Safety Executive
Joanne Hill View Email	Human Resources Administrator	Administration Executive
Kevin Keenan View Email	Service Business Manager	Administration Executive
Seth H. Bagshaw View Email	Chief Financial Officer, Vice President, Treasurer	Finance Executive
Biography: Mr. Seth H. Bagshaw is Chief Financial Officer, Vice President, Treasurer of MKS Instruments, Inc. Mr. Bagshaw has served as the company Vice President and Chief Financial Officer since January 2010 and as Treasurer since March 2011. From March 2006 until January 2010, Mr. Bagshaw served as the company Vice President and Corporate Controller. Prior to joining MKS, Mr. Bagshaw served as Vice President and Chief Financial Officer of Vette Corp., an integrated global supplier of thermal management systems from 2004 until 2006. From 1999 until 2004, Mr. Bagshaw served as Vice President and Corporate Controller of Varian Semiconductor Equipment Associates, Inc., a producer of ion implantation equipment used in the semiconductor manufacturing industry, and from 1998 until 1999, he served as Vice President and Chief Financial Officer of Palo Alto Products International, Inc., an industrial design, engineering and manufacturing company, until its acquisition by Flextronics International, Ltd. Prior to that, Mr. Bagshaw held several senior financial management positions at Waters Corporation, a developer of innovative analytical science solutions, most recently as Vice President and Chief Financial Officer of its Asia-Pacific region, and was a Senior Manager at PricewaterhouseCoopers LLP. Mr. Bagshaw is a Certified Public Accountant and has a B.S. in Business Administration from Boston University and an M.B.A. from Cornell University. Age: 53 Education: Cornell University, MBA Boston University, BS (Business Administration) Compensation/Salary:$324,519 Compensation Currency: USD
Joanne Castiglione View Email	Finance Manager	Finance Executive
Webster Balcom View Email	Director of Internal Audit	Accounting Executive
Susan Depaolo View Email	Cost Accounting Supervisor	Accounting Executive
Tom Klucznik View Email	Assistant Controller	Controller
Catherine M Langtry	Vice President Global Human Resources	Human Resources Executive
Philip F Zucchi View Email	International, Human Resources Executive	Human Resources Executive
Annie Cummings View Email	Mks Astex Customer Service	Customer Service Executive
Amber Terrill View Email	Customer Service Supervisor	Customer Service Executive
Brian Byrwa View Email	Manager Sales	Sales Executive
Tracy Chen View Email	Inside Sales	Sales Executive
Dave Gibson View Email	Key Account Sales Manager	Sales Executive
Roger Mead View Email	District Sales Manager	Sales Executive
Jeff Peters View Email	Director Sales	Sales Executive
Mike Riepma View Email	Manager Sales	Sales Executive
Jim Rushin View Email	Regional Sales Manager	Sales Executive
Gavin Shepheard View Email	Sales Engineer	Sales Executive
Greg Snell View Email	Sales	Sales Executive
Glynis Yoneta View Email	Inside Sales Specialist	Sales Executive
Gregg Kinkade View Email	Global Sales Manager	International Sales Executive
Darryl Anderson View Email	Global Technical Support Engineer	International Executive
John Armstrong View Email	Senior Global Commodities Manager	International Executive
James Blessing View Email	Global Applications Development Manager	International Executive
John Doherty View Email	Vice President Global Applications Engineering	International Executive
Terrell Gray View Email	Global Product Manager	International Executive
Mark Moore View Email	Vice President Global Service	International Executive
Mark Sutliff View Email	Global Technical Support Engineer	International Executive
Debbie Thibault View Email	Global Logistics	International Executive
Carl Wollenberg View Email	Director Global Real Estate & Facilities	International Executive
Odile Adams View Email	Marketing	Marketing Executive
Sylvie Bosch-Charpenay	Marketing Manager	Marketing Executive
Jim Brown View Email	Vice President Marketing	Marketing Executive
Richard Johnson View Email	Marketing	Marketing Executive
Jane Lawlor View Email	Manager Corporate Marketing Communications	Marketing Executive
Kathleen Lewis View Email	Marketing Manager	Marketing Executive
Betty Alley View Email	Information Technology	Information Executive
Mike Armstrong	Information Technology	Information Executive
Steve Brown View Email	Corporate Infrastructure Architecht	Information Executive
David Burtner View Email	Senior Systems Engineer	Information Executive
Kevin Danehy View Email	Director, Applications Management	Information Executive
Ginny Doyon View Email	Information Technology Compliance Manager	Information Executive
Moran Kuriel View Email	Control and Information Technology Division	Information Executive
Katya Nevar View Email	Information Technology Manager	Information Executive
Lisa Ryan	Chief Information Officer / Chief Technology Officer	Information Executive
Shahram Selahi View Email	Oracle Applications Developer Iii	Information Executive
Juan Alvarez View Email	Engineer	Engineering/Technical Executive
Joe Arone View Email	Manager Engineering Services	Engineering/Technical Executive
Don Baker View Email	Applications Developer	Engineering/Technical Executive
Jason Barrett View Email	Optical and Electronic Engineer	Engineering/Technical Executive
Matt Bellemare View Email	Senior Feild Service Engineer	Engineering/Technical Executive
Scott Benedict View Email	Engineering Manager	Engineering/Technical Executive
Sheila Blanchette View Email	Lotus Notes Developer	Engineering/Technical Executive
Xing Chen View Email	Senior Scientist, Engineering Manager	Engineering/Technical Executive
Randy Clark View Email	Advanced Technology Manager	Engineering/Technical Executive
David Coumou View Email	Technical Manager	Engineering/Technical Executive
Mark Declerck View Email	Manufacturing Engineering Supervisor	Engineering/Technical Executive
Christopher Dolan View Email	Director Engineering	Engineering/Technical Executive
Yuriy Elner View Email	Senior Design Engineer	Engineering/Technical Executive
Jose Ferreira View Email	Applications Engineer	Engineering/Technical Executive
Connie Flynn View Email	Director, It	Engineering/Technical Executive
Harold Fortna View Email	Manufacturing Engineer	Engineering/Technical Executive
Robin Garvey View Email	Npi, Engineer Buyer, Planner	Engineering/Technical Executive
Dan Gill View Email	Software Manager	Engineering/Technical Executive
Jim Gilliland View Email	Engineer	Engineering/Technical Executive
Matt Grout View Email	Special Products Engineer	Engineering/Technical Executive
Kenneth Gruskowski	IT Executive	Engineering/Technical Executive
Bill Hamilton View Email	Supervisor, Reliability Engineering	Engineering/Technical Executive
John Hanzelka View Email	Manager, Special Products Engineer	Engineering/Technical Executive
Michael Harris View Email	Engineering Associate	Engineering/Technical Executive
John Hogle View Email	Test Engineer Ii	Engineering/Technical Executive
Chaolin Hu View Email	Principal Engineer	Engineering/Technical Executive
Geoffry Hutto View Email	Compliance Engineer	Engineering/Technical Executive
Tien Huynh View Email	Engineering Tech Iii	Engineering/Technical Executive
Steve Jacques View Email	Manufacturing Engineering	Engineering/Technical Executive
Ann Kazakos View Email	Product Engineering Manager	Engineering/Technical Executive
Dave Kelly View Email	Senior Applications Engineer	Engineering/Technical Executive
Jeff Kiernan View Email	Design Engineer	Engineering/Technical Executive
Jesse Klein View Email	Design Engineer	Engineering/Technical Executive
Steve Knowles View Email	Project Manager, Electrical Engineer	Engineering/Technical Executive
Bob Krmpotich View Email	Electrical Engineer	Engineering/Technical Executive
David Lam View Email	Rf Engineer Iii	Engineering/Technical Executive
Fritz Luft View Email	Engineering Program Manager	Engineering/Technical Executive
Sean Mackinnon View Email	Senior Manufacturing Engineer	Engineering/Technical Executive
Santhi Mathew View Email	Senior Electrical Engineer	Engineering/Technical Executive
Kenelm Mckinney View Email	Embedded Engineer	Engineering/Technical Executive
Rodolfo Mendivil View Email	Manufacturing Engineer	Engineering/Technical Executive
David Menzer View Email	Director of Engineering	Engineering/Technical Executive
Bryan Miller View Email	Product Engineering Supervisor	Engineering/Technical Executive
Leonid Mindlin View Email	Engineering Manager	Engineering/Technical Executive
Brian Mitchell View Email	Embedded Research and Development Software Engineer	Engineering/Technical Executive
Brett Morehouse View Email	Fgpa and Embedded Software Engineer	Engineering/Technical Executive
Frank Mortimer View Email	Technical Support Engineer	Engineering/Technical Executive
Peter Mullarky View Email	Messaging Systems Administrator	Engineering/Technical Executive
Steven Muratore View Email	Senior Test Engineer	Engineering/Technical Executive
Nicholas Nelson View Email	Software Engineer	Engineering/Technical Executive
Tony Owen View Email	Engineering Manager	Engineering/Technical Executive
Paul Paradis View Email	Electrical Engineer Tech Iii	Engineering/Technical Executive
Jai Patel View Email	Software Engineer	Engineering/Technical Executive
Jim Patrikis View Email	Principal Engineer	Engineering/Technical Executive
Albert Pelhe View Email	Senior Test Development Engineer	Engineering/Technical Executive
William Peterson View Email	Manufacturing Engineer	Engineering/Technical Executive
Diane Petti View Email	Design Engineer	Engineering/Technical Executive
Richard Pham View Email	Senior Applications Engineer	Engineering/Technical Executive
Charles Puleo View Email	Engineer	Engineering/Technical Executive
Jim Rathbun View Email	Mechanical Engineer	Engineering/Technical Executive
Todd Redmond View Email	Field Service Engineer	Engineering/Technical Executive
Jeff Rioux View Email	Product Engineer	Engineering/Technical Executive
Steve Rockwood View Email	Technical Support Engineer	Engineering/Technical Executive
Albert Saifan View Email	Electrical Engineer	Engineering/Technical Executive
Mark Schwan View Email	Mechanical Designer	Engineering/Technical Executive
Bill Sheppard View Email	Design Engineer	Engineering/Technical Executive
Jonny Slumpff View Email	Embedded Software Engineer Medical Electronics Group	Engineering/Technical Executive
Jonathan Smyka View Email	Principal Engineer	Engineering/Technical Executive
Glenn Stanton View Email	Supplier Quality Engineer	Engineering/Technical Executive
Bill Stenglein View Email	Director Product Engineering	Engineering/Technical Executive
Arthur Tian View Email	Electrictrical Engineer	Engineering/Technical Executive
Gerry Toledo View Email	Director Corporate Engineering Process	Engineering/Technical Executive
Mario Tongol View Email	Engineer	Engineering/Technical Executive
Emanuel Tucker View Email	Manufacturing Engineer	Engineering/Technical Executive
William Webber View Email	Research and Development Tech	Engineering/Technical Executive
Kevin Wenzel View Email	Engineer and Technology Manager	Engineering/Technical Executive
Wende Wo View Email	Mechanical Engineer	Engineering/Technical Executive
Huibin Zhu	Senior Design Engineer	Engineering/Technical Executive
Chiu-Ying Tai	Lead Project Scientist	Research & Development Executive
Chaim Binisti View Email	Controls Product Group	Product Management Executive
Dave Coffta View Email	Designer	Product Management Executive
Hans Sundstrom View Email	Director of Marketing & Product Management	Product Management Executive
Frank Zahradnik View Email	Us Product Support Manager	Product Management Executive
Ania Zemlerub View Email	Product Manager	Product Management Executive
Ann-Marie Pigeon	Business Analyst	Business Development Executive
Mike Crowley View Email	Partner, Strategic Counsel	Legal Executive
John Peterman View Email	Compliance Manager	Legal Executive
Bill Corkum View Email	Manufacturing Manager	Manufacturing Executive
John Turk View Email	Manufacturing Manager	Manufacturing Executive
Paul James View Email	Logistics and Supply Chain Professional	Logistics Executive
Joe Quatela View Email	Logistics Team Leader	Logistics Executive
Wade Tiner View Email	Manager of Materials and Logistics	Logistics Executive
Diane Brickley View Email	Senior Buyer	Merchandise Management Executive
Colleen Cancillieri	Npi Buyer and Planner	Merchandise Management Executive
Joe Dominick View Email	Buyer	Merchandise Management Executive
Mary Hoopes View Email	Senior Buyer	Merchandise Management Executive
Denise Lavoie View Email	Senior Buyer	Merchandise Management Executive
David Silva View Email	Senior Npi Buyer, Planner	Merchandise Management Executive
Daniela Trujillo View Email	Buyer	Merchandise Management Executive
John Hair View Email	Facilities Manager	Facilities Executive
Marc Lamontagne View Email	Facility Manager	Facilities Executive
John Mikita View Email	Facilities Manager	Facilities Executive
Kyle Woolenberg	Facilities	Facilities Executive
Michael Bonder View Email	Director of Materials	Purchasing Executive
Linda Cefalo View Email	Purchasing Manager	Purchasing Executive
Mike Daniels View Email	Supply Chain, Electronic Commodities	Purchasing Executive
Howard Keeley View Email	Purchasing Manager	Purchasing Executive
Alex Monroe View Email	Materials Manager	Purchasing Executive
Christine Muir View Email	Materials Manager	Purchasing Executive
Debbie Saraceni View Email	Purchasing Supervisor	Purchasing Executive
Jodie Steen View Email	Materials Group Leader-Npi	Purchasing Executive
Toufic Najia	Senior Director of Quality	Quality Executive
Paul Bater View Email	Mechanical Designer Iii	Other
Ken Butler View Email	China Support Manager	Other
Robert Castillo View Email	Project Manager	Other
Nancy Delellis View Email	Commodity Specialist	Other
Ann Duke View Email	Doc Control Specialist	Other
Suzanne Garceau	Director of Trade Shows	Other
Peter Gefter View Email	Manager, Intellectual Property Development	Other
Jan Giddings View Email	Manager	Other
John T. C. Lee View Email	Senior Vice President - Controls, HPS and PFMC	Other
Biography: Dr. John T. C. Lee is Senior Vice President - Controls, HPS and PFMC of Mks Instruments Inc., since November 2012. Previously, beginning in January 2011, Dr. Lee served as Senior Vice President, Controls and PFMC. Beginning in October 2007, Dr. Lee served as the Group Vice President, CIT Products. Prior to joining MKS, Dr. Lee served as the Managing Director of Factory Technology and Projects within the Solar Business Group at Applied Materials, Inc., leader in nanomanufacturing and technology solutions, from February 2007 until October 2007. From 2002 until 2007, he served as General Manager of the Cleans Product Group and the Maydan Technology Center at Applied Materials. Prior to Applied Materials, Dr. Lee served from 1997 until 2002 as the Research Director of the Silicon Fabrication Research Department at Lucent Technologies, a voice, data and video communications provider, and from 1991 until 1997 as a Member of Technical Staff in the Plasma Processing Research Group within Bell Labs. Dr. Lee holds a B.S. from Princeton University and both an M.S.C.E.P. and Ph.D. from the Massachusetts Institute of Technology, all in Chemical Engineering. Age: 50 Education: Massachusetts Institute of Technology, PHD (Chemical Engineering) Princeton University, BS Compensation/Salary:$334,712 Compensation Currency: USD
Maryann Naddy View Email	Director of Strategic Marketingß	Other
Eileen Scardino View Email	Project Manager	Other
Ken Tran View Email	Senior Manager-Power	Other
Howard Veater View Email	Senior Pcb Designer 4, Eni	Other
Jeff White View Email	Project Manager	Other

Significant Developments

MKS Instruments Inc Announces Quarterly Cash Dividend

Oct 29, 2013

MKS Instruments, Inc announced that its board of directors has authorized a quarterly cash dividend of $0.16 per share, payable on December 13, 2013 to shareholders of record as of December 2, 2013.

MKS Instruments Inc Announces Management Changes

Oct 23, 2013

MKS Instruments, Inc announced that Leo Berlinghieri will retire as Chief Executive Officer and a Director of MKS at year-end 2013. The Board of Directors has elected Gerald G. Colella, who currently serves as President and Chief Operating Officer, to succeed Mr. Berlinghieri as Chief Executive Officer effective January 1, 2014, at which time Mr. Colella will also become a member of the Board of Directors. Mr. Colella had previously succeeded Mr. Berlinghieri as President in February of this year, and has served as Chief Operating Officer since 2010.

MKS Instruments Inc Issues Q4 2013 EPS Guidance; Revenue Guidance Above Analysts' Estimates

Oct 23, 2013

MKS Instruments Inc announced that for the fourth quarter of 2013, it expects sales to range from $185 million to $200 million, and, at these volumes, GAAP net income per share could range from $0.28 to $0.38 and non-GAAP net earnings could range from $0.31 to $0.41 per share. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $180 million and EPS of $0.32 for the fourth quarter of 2013.

MKS Instruments Inc Authorizes Quarterly Cash Dividend

Jul 30, 2013

MKS Instruments Inc announced that its board of directors has authorized a quarterly cash dividend of $0.16 per share, payable on September 13, 2013 to shareholders of record as of August 30, 2013.

MKS Instruments Inc Issues Q3 2013 Guidance Below Analysts' Estimates-Conference Call

Jul 25, 2013

MKS Instruments Inc announced that for the third quarter of 2013, it expects sales to range from $155 million to $170 million, GAAP net income to range from $0.13 to $0.25 per diluted share and non-GAAP net earnings to range from $0.14 to $0.26 per diluted share (EPS). According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $171 million and EPS of $0.27 for the third quarter of 2013.

MKS Instruments Inc Announces Quarterly Cash Dividend

May 07, 2013

MKS Instruments Inc announced that board of directors has authorized a quarterly cash dividend of $0.16 per share, payable on June 14, 2013 to shareholders of record as of June 3, 2013.

MKS Instruments Inc Issues Q2 2013 Guidance In Line With Analysts' Estimates

Apr 24, 2013

MKS Instruments Inc announced that for the second quarter of 2013, it expects sales to range from $145 million to $165 million, GAAP net income to range from $0.03 to $0.17 per diluted share and Non-GAAP net earnings to range from $0.04 to $0.18 per diluted share. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.13 and revenues of $147 million for the second quarter of 2013.

MKS Instruments Inc Announces Acquisition Of Alter Power Systems S.r.l.

Mar 12, 2013

MKS Instruments Inc announces the acquisition of Alter Power Systems S.r.l. of Reggio Emilia, Italy in a cash transaction closed on March 12, 2013.

MKS Instruments Inc Declares Quarterly Cash Dividend

Feb 12, 2013

MKS Instruments Inc announced that board of directors has authorized a quarterly cash dividend of $0.16 per share, payable on March 15, 2013 to shareholders of record as of March 1, 2013.

MKS Instruments Inc Issues Q1 2013 Guidance In Line With Analysts' Estimates

Jan 30, 2013

MKS Instruments Inc announced that for the first quarter of 2013, it expects sales may range from $125 to $145 million, non-GAAP net earnings could range from a net loss per share of $(0.06) to net earnings of $0.08 per share, and on a GAAP basis, from a net loss per share of $(0.08) to net income of $0.08 per share. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.01 and revenues of $126 million for the first quarter of 2013.

MKS Instruments Inc's Subsidiary Enters Into Option Agreement To Sell Assets Of Chilton Medical Center

Dec 06, 2012

MKS Instruments Inc announced that its subsidiary, Central Alabama Medical Associates, LLC (CAMA), has entered into an option agreement with the Chilton County (AL) Hospital Board (Board) under which the Board has the option for 90 days to acquire CAMA's real and personal property relating to Chilton Medical Center in Clanton, AL, for $1,500,000. CAMA currently leases the Chilton property to a third party hospital operator who is in default under the CAMA lease and the hospital license held by the third party operator was suspended by the Alabama Department of Public Health effective on October 29, 2012. The Board and CAMA applied jointly for a receiver to take over the operations of the third party operator and, if successful, the Board intends to submit plans and applications to re-open the hospital. If the Board is able to re-establish the hospital's operations to their satisfaction, it has indicated it intends to exercise the option to acquire the property from CAMA. However, there can be no assurance the hospital will be re-opened or that the option will be exercised.

MKS Instruments Inc Announces Cash Dividend

Nov 30, 2012

MKS Instruments Inc announced that it has declared on November 30, 2012, a quarterly cash dividend of $0.13 per share on the Common Stock of the Company. The Company will pay the cash dividend on February 15, 2013, to shareholders of record at the close of business on January 18, 2013.

 News

Sidoti Initiates Coverage on MKS Instruments (MKSI) American Banking News - Forex (388 Words)	26-Nov-2013
UK PATENT OFFICE PUBLISHED PATENT OF MKS INSTRUMENTS INC, TITLED AS "System for and method of fast pulse gas delivery" Plus Patent News (304 Words)	21-Nov-2013
Application of wideband sampling for arc detection with a probabilistic model for quantitatively measuring arc events U.S. Patents (136 Words)	18-Nov-2013
MKS Instruments to Participate at the Credit Suisse Yahoo! Singapore (194 Words)	18-Nov-2013
MKS Instruments to Participate at the Credit Suisse Annual Technology Conference GlobeNewswire (208 Words)	18-Nov-2013
Patent Issued for Power Distortion-Based Servo Control Systems for Frequency Tuning RF Power Sources Journal of Engineering (1322 Words)	13-Nov-2013
Mks Instruments Inc. Files SEC Form 10-Q, Quarterly Report [Sections 13 Or 15(D)] (Nov. 6, 2013) Economics Week (226 Words)	13-Nov-2013
MKS Instruments Earnings Review: 19 Days after Announcement Shares Up 2.9% (MKSI) Comtex SmarTrend (196 Words)	11-Nov-2013
Power distortion-based servo control systems for frequency tuning RF power sources U.S. Patents (182 Words)	11-Nov-2013
Methods and apparatus for automated predictive design space estimation U.S. Patents (146 Words)	11-Nov-2013
MKS Instruments Earnings In Retrospect: Up 2.9% in the Last 17 Days (MKSI) Individual.com (44 Words)	09-Nov-2013

Annual Income Statement

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation
Net Sales	643.5	822.5	853.1	392.7	621.4
Revenue	643.5	822.5	853.1	392.7	621.4
Total Revenue	643.5	822.5	853.1	392.7	621.4
Cost of Revenue	374.0	447.5	474.5	262.5	373.1
Cost of Revenue, Total	374.0	447.5	474.5	262.5	373.1
Gross Profit	269.5	375.0	378.6	130.2	248.2
Selling/General/Administrative Expense	125.6	128.0	119.8	100.4	120.6
Total Selling/General/Administrative Expenses	125.6	128.0	119.8	100.4	120.6
Research & Development	60.1	61.0	62.7	50.2	72.8
Amortization of Intangibles	1.0	1.0	1.3	2.8	4.0
Depreciation/Amortization	1.0	1.0	1.3	2.8	4.0
Investment Income - Operating	1.6	-	-	-	-
Interest/Investment Income - Operating	1.6	-	-	-	-
Interest Expense (Income) - Net Operating Total	1.6	-	-	-	-
Restructuring Charge	0.3	0.0	0.0	5.5	0.0
Litigation	5.3	-	-	-	-
Impairment-Assets Held for Use	-	0.0	0.0	143.0	0.0
Impairment-Assets Held for Sale	-	-	0.0	0.0	0.9
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	-0.7	0.0	0.0
Other Unusual Expense (Income)	1.3	0.0	-	-	-
Unusual Expense (Income)	6.9	0.0	-0.7	148.5	0.9
Total Operating Expense	569.3	637.6	657.6	564.4	571.4
Operating Income	74.2	184.9	195.5	-171.7	50.0
Interest Expense - Non-Operating	-0.1	0.0	-0.1	-0.1	-0.6
Interest Expense, Net Non-Operating	-0.1	0.0	-0.1	-0.1	-0.6
Interest Income - Non-Operating	1.1	1.2	1.1	1.7	7.0
Interest/Investment Income - Non-Operating	1.1	1.2	1.1	1.7	7.0
Interest Income (Expense) - Net Non-Operating Total	0.9	1.1	0.9	1.6	6.4
Income Before Tax	75.1	186.1	196.4	-170.0	56.4
Total Income Tax	27.1	56.3	63.5	-20.7	16.4
Income After Tax	48.0	129.7	132.9	-149.4	40.0
Net Income Before Extraord Items	48.0	129.7	132.9	-149.4	40.0
Discontinued Operations	0.0	0.0	9.7	-63.3	-9.9
Total Extraord Items	0.0	0.0	9.7	-63.3	-9.9
Net Income	48.0	129.7	142.6	-212.7	30.1
Income Available to Common Excl Extraord Items	48.0	129.7	132.9	-149.4	40.0
Income Available to Common Incl Extraord Items	48.0	129.7	142.6	-212.7	30.1
Basic/Primary Weighted Average Shares	52.7	52.2	50.1	49.3	49.7
Basic EPS Excl Extraord Items	0.91	2.49	2.65	-3.03	0.80
Basic/Primary EPS Incl Extraord Items	0.91	2.49	2.85	-4.31	0.61
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	48.0	129.7	142.6	-212.7	30.1
Diluted Weighted Average Shares	53.2	52.8	50.9	49.3	50.8
Diluted EPS Excl Extraord Items	0.90	2.45	2.61	-3.03	0.79
Diluted EPS Incl Extraord Items	0.90	2.45	2.80	-4.31	0.59
Dividends per Share - Common Stock Primary Issue	0.62	0.60	0.00	0.00	0.00
Gross Dividends - Common Stock	32.7	31.4	0.0	0.0	0.0
Interest Expense, Supplemental	0.1	0.0	0.1	0.1	0.6
Depreciation, Supplemental	14.4	12.0	12.3	14.4	14.5
Total Special Items	6.9	-2.5	-0.7	148.5	0.9
Normalized Income Before Tax	82.1	183.5	195.7	-21.5	57.3
Effect of Special Items on Income Taxes	2.5	-0.8	-0.2	52.0	0.3
Inc Tax Ex Impact of Sp Items	29.6	55.5	63.3	31.3	16.6
Normalized Income After Tax	52.5	128.0	132.5	-52.9	40.7
Normalized Inc. Avail to Com.	52.5	128.0	132.5	-52.9	40.7
Basic Normalized EPS	1.00	2.45	2.65	-1.07	0.82
Diluted Normalized EPS	0.99	2.42	2.60	-1.07	0.80
Amort of Intangibles, Supplemental	-	1.0	1.5	4.4	4.0
Rental Expenses	8.2	7.7	8.3	9.0	-
Research & Development Exp, Supplemental	60.1	61.0	62.7	50.2	72.8
Normalized EBIT	82.7	182.4	194.8	-23.2	50.9
Normalized EBITDA	97.2	195.4	208.6	-4.4	69.4
Current Tax - Domestic	10.4	25.8	27.8	-24.6	9.5
Current Tax - Foreign	12.1	20.3	22.3	7.3	11.3
Current Tax - Local	0.8	2.6	3.3	-0.2	1.5
Current Tax - Total	23.3	48.8	53.4	-17.5	22.2
Deferred Tax - Domestic	2.0	7.8	10.0	-0.4	-8.3
Deferred Tax - Foreign	1.8	-0.2	0.1	-2.7	2.5
Deferred Tax - Total	3.8	7.5	10.1	-3.1	-5.8
Income Tax - Total	27.1	56.3	63.5	-20.7	16.4
Defined Contribution Expense - Domestic	2.2	2.3	1.5	0.9	2.8
Total Pension Expense	2.2	2.3	1.5	0.9	2.8

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation
Cash & Equivalents	287.6	312.9	162.5	111.0	119.3
Short Term Investments	327.7	252.6	269.5	160.8	159.6
Cash and Short Term Investments	615.2	565.5	431.9	271.8	278.9
Accounts Receivable - Trade, Gross	84.9	123.4	140.7	96.6	87.5
Provision for Doubtful Accounts	-2.9	-2.5	-2.6	-2.4	-2.1
Trade Accounts Receivable - Net	82.1	120.9	138.2	94.2	85.4
Other Receivables	12.8	12.0	0.0	14.5	4.1
Total Receivables, Net	94.8	132.9	138.2	108.7	89.4
Inventories - Finished Goods	38.3	53.8	52.5	45.4	50.4
Inventories - Work In Progress	19.7	21.3	21.9	16.5	17.4
Inventories - Raw Materials	76.6	78.5	82.0	56.1	63.7
Total Inventory	134.6	153.6	156.4	118.0	131.5
Prepaid Expenses	4.3	8.5	6.6	-	-
Deferred Income Tax - Current Asset	8.2	10.6	13.8	21.5	19.1
Other Current Assets	10.9	13.7	6.0	12.9	9.9
Other Current Assets, Total	19.1	24.3	19.8	34.4	28.9
Total Current Assets	868.2	884.9	752.9	532.9	528.7
Buildings	86.8	83.6	82.0	82.8	81.9
Land/Improvements	9.2	8.1	8.1	9.1	12.3
Machinery/Equipment	166.7	155.8	148.5	145.0	141.8
Construction in Progress	9.2	7.1	4.0	1.4	5.5
Property/Plant/Equipment - Gross	272.0	254.6	242.6	238.3	241.5
Accumulated Depreciation	-191.4	-182.1	-173.7	-171.1	-159.5
Property/Plant/Equipment - Net	80.5	72.5	69.0	67.2	82.0
Goodwill, Net	150.7	140.1	140.0	144.5	337.8
Intangibles - Gross	122.3	110.7	110.4	140.4	146.5
Accumulated Intangible Amortization	-110.7	-109.7	-108.7	-135.4	-125.4
Intangibles, Net	11.6	1.0	1.7	5.0	21.1
LT Investments - Other	12.2	7.9	0.0	4.9	0.0
Long Term Investments	12.2	7.9	0.0	4.9	0.0
Deferred Income Tax - Long Term Asset	9.5	10.3	15.1	17.4	12.7
Other Long Term Assets	2.2	2.0	3.7	2.3	2.6
Other Long Term Assets, Total	11.7	12.3	18.8	19.7	15.4
Total Assets	1,134.8	1,118.7	982.4	774.1	984.9
Accounts Payable	16.8	24.9	36.4	26.3	19.3
Accrued Expenses	21.0	50.5	62.9	28.0	33.3
Notes Payable/Short Term Debt	0.0	1.9	0.0	12.9	17.8
Current Portion - Long Term Debt/Capital Leases	-	-	-	0.0	0.9
Customer Advances	9.3	11.6	5.0	4.1	4.6
Income Taxes Payable	4.1	7.5	5.3	-	-
Other Current Liabilities	28.1	-	-	-	-
Other Current liabilities, Total	41.6	19.1	10.3	4.1	4.6
Total Current Liabilities	79.3	96.4	109.7	71.3	75.9
Capital Lease Obligations	-	-	-	0.0	0.4
Total Long Term Debt	0.0	0.0	0.0	0.0	0.4
Total Debt	0.0	1.9	0.0	12.9	19.1
Other Long Term Liabilities	43.4	32.2	25.7	17.8	21.9
Other Liabilities, Total	43.4	32.2	25.7	17.8	21.9
Total Liabilities	122.7	128.6	135.4	89.1	98.2
Convertible Preferred Stock - Non Redeemable	0.0	0.0	0.0	0.0	0.0
Preferred Stock - Non Redeemable, Net	0.0	0.0	0.0	0.0	0.0
Common Stock	0.1	0.1	0.1	0.1	0.1
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional Paid-In Capital	718.0	707.4	663.8	645.4	637.9
Retained Earnings (Accumulated Deficit)	278.6	268.9	171.4	28.8	241.4
Other Comprehensive Income	15.5	13.6	11.8	10.6	7.2
Other Equity, Total	15.5	13.6	11.8	10.6	7.2
Total Equity	1,012.2	990.0	847.0	684.9	886.7
Total Liabilities & Shareholders’ Equity	1,134.8	1,118.7	982.4	774.1	984.9
Shares Outstanding - Common Stock Primary Issue	52.7	52.5	50.6	49.5	49.3
Total Common Shares Outstanding	52.7	52.5	50.6	49.5	49.3
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	2,305	2,429	2,673	2,178	2,631
Number of Common Shareholders	138	147	159	184	572
Accumulated Intangible Amort, Suppl.	110.7	109.7	108.7	135.4	125.4
Deferred Revenue - Current	9.3	11.6	5.0	4.1	4.6
Total Long Term Debt, Supplemental	-	-	-	5.0	-
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	5.0	-
Total Operating Leases, Supplemental	26.5	28.7	29.2	30.1	38.2
Operating Lease Payments Due in Year 1	7.6	7.6	7.4	7.8	8.7
Operating Lease Payments Due in Year 2	5.7	5.8	6.6	6.0	7.6
Operating Lease Payments Due in Year 3	4.0	4.7	5.2	5.2	5.2
Operating Lease Payments Due in Year 4	3.0	3.5	3.5	3.2	4.5
Operating Lease Payments Due in Year 5	3.0	3.0	2.8	2.7	4.1
Operating Lease Pymts. Due in 2-3 Years	9.7	10.6	11.8	11.2	12.8
Operating Lease Pymts. Due in 4-5 Years	5.9	6.6	6.2	5.9	8.6
Oper. Lse. Pymts. Due in Year 6 & Beyond	3.3	4.0	3.7	5.2	8.1
Accrued Liabilities - Domestic	-16.4	-12.9	-12.2	-8.8	-7.8
Net Assets Recognized on Balance Sheet	-16.4	-12.9	-12.2	-8.8	-7.8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified	Unqualified	Unqualified with Explanation
Net Income/Starting Line	48.0	129.7	142.6	-212.7	30.1
Depreciation	14.4	13.0	13.8	18.8	23.5
Depreciation/Depletion	14.4	13.0	13.8	18.8	23.5
Deferred Taxes	3.8	7.5	10.1	-3.1	-5.8
Discontinued Operations	0.0	0.0	-4.4	0.0	0.0
Unusual Items	-	-	-	208.5	6.1
Other Non-Cash Items	26.9	21.3	21.2	30.1	27.7
Non-Cash Items	26.9	21.3	16.7	238.6	33.8
Accounts Receivable	38.3	17.9	-42.5	-9.9	23.6
Inventories	5.3	-11.7	-52.5	-4.7	7.1
Other Assets	7.7	-7.7	0.3	2.5	-3.7
Accounts Payable	-8.3	-11.6	11.2	6.1	-9.2
Accrued Expenses	4.1	2.9	40.9	-10.8	-4.4
Taxes Payable	-3.1	-5.3	22.8	-19.9	-2.2
Changes in Working Capital	44.0	-15.5	-19.8	-36.7	11.2
Cash from Operating Activities	137.2	156.0	163.5	4.9	92.7
Purchase of Fixed Assets	-17.7	-15.6	-15.8	-4.2	-13.5
Capital Expenditures	-17.7	-15.6	-15.8	-4.2	-13.5
Acquisition of Business	-22.6	0.0	0.0	-	-
Sale of Fixed Assets	0.1	0.0	2.3	0.1	0.3
Sale/Maturity of Investment	359.9	485.7	306.5	248.1	263.7
Purchase of Investments	-436.0	-475.8	-410.6	-254.1	-324.4
Other Investing Cash Flow	-1.5	-0.4	11.9	0.3	-0.3
Other Investing Cash Flow Items, Total	-100.2	9.5	-89.8	-5.4	-60.6
Cash from Investing Activities	-117.9	-6.1	-105.6	-9.6	-74.1
Other Financing Cash Flow	2.1	5.3	2.1	-1.0	0.3
Financing Cash Flow Items	2.1	5.3	2.1	-1.0	0.3
Cash Dividends Paid - Common	-32.7	-31.4	0.0	0.0	-
Total Cash Dividends Paid	-32.7	-31.4	0.0	0.0	-
Repurchase/Retirement of Common	-11.5	-2.0	0.0	0.0	-115.7
Common Stock, Net	-11.5	-2.0	0.0	0.0	-115.7
Options Exercised	1.6	28.5	6.5	-0.1	8.9
Issuance (Retirement) of Stock, Net	-9.9	26.5	6.5	-0.1	-106.9
Short Term Debt Issued	2.9	41.8	119.2	162.4	155.9
Short Term Debt Reduction	-9.3	-39.9	-132.9	-166.8	-160.8
Short Term Debt, Net	-6.5	1.9	-13.7	-4.5	-4.8
Long Term Debt Reduction	-	-	-	0.0	-6.3
Long Term Debt, Net	-	-	-	0.0	-6.3
Issuance (Retirement) of Debt, Net	-6.5	1.9	-13.7	-4.5	-11.2
Cash from Financing Activities	-47.0	2.4	-5.0	-5.6	-117.8
Foreign Exchange Effects	2.3	-1.9	-1.4	2.0	-5.6
Net Change in Cash	-25.3	150.4	51.5	-8.3	-104.7
Net Cash - Beginning Balance	312.9	162.5	111.0	119.3	224.0
Net Cash - Ending Balance	287.6	312.9	162.5	111.0	119.3
Cash Interest Paid	0.2	0.1	0.1	0.2	0.6
Cash Taxes Paid	18.0	52.6	47.4	10.0	11.6

Annual Income Statement

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Restated Normal 31-Dec-2010
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Products	536.8	719.0	763.5	325.0	537.8
Services	106.7	103.5	89.7	67.7	83.6
Total Revenue	643.5	822.5	853.1	392.7	621.4
Gain/Loss on Derivatives - Hedging	1.6	-	-	-	-
other Selling and General	125.6	-	-	-	-
Cost of products	310.5	387.4	421.8	219.8	319.5
Cost of services	63.5	60.1	52.7	42.7	53.7
Research and development	60.1	61.0	62.7	50.2	72.8
Selling/Gen./Admin.	-	128.0	119.8	100.4	120.6
Amortization of acquired intangible asse	1.0	1.0	1.3	2.8	4.0
Gain on sale of asset	0.0	0.0	-0.7	0.0	0.0
Goodwill Impairment	-	0.0	0.0	143.0	0.0
Restructuring	0.3	0.0	0.0	5.5	0.0
Impairment of investments	-	-	0.0	0.0	0.9
Completed acquisition costs	1.3	0.0	-	-	-
Litigation	5.3	-	-	-	-
Total Operating Expense	569.3	637.6	657.6	564.4	571.4
Interest Expense	-0.1	0.0	-0.1	-0.1	-0.6
Interest Income	1.1	1.2	1.1	1.7	7.0
Net Income Before Taxes	75.1	186.1	196.4	-170.0	56.4
Provision for Income Taxes	27.1	56.3	63.5	-20.7	16.4
Net Income After Taxes	48.0	129.7	132.9	-149.4	40.0
Net Income Before Extra. Items	48.0	129.7	132.9	-149.4	40.0
Income from discontinued operations, net	0.0	0.0	9.7	-63.3	-9.9
Net Income	48.0	129.7	142.6	-212.7	30.1
Income Available to Com Excl ExtraOrd	48.0	129.7	132.9	-149.4	40.0
Income Available to Com Incl ExtraOrd	48.0	129.7	142.6	-212.7	30.1
Basic Weighted Average Shares	52.7	52.2	50.1	49.3	49.7
Basic EPS Excluding ExtraOrdinary Items	0.91	2.49	2.65	-3.03	0.80
Basic EPS Including ExtraOrdinary Items	0.91	2.49	2.85	-4.31	0.61
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	48.0	129.7	142.6	-212.7	30.1
Diluted Weighted Average Shares	53.2	52.8	50.9	49.3	50.8
Diluted EPS Excluding ExtraOrd Items	0.90	2.45	2.61	-3.03	0.79
Diluted EPS Including ExtraOrd Items	0.90	2.45	2.80	-4.31	0.59
DPS-Ordinary Shares	0.62	0.60	0.00	0.00	0.00
Gross Dividends - Common Stock	32.7	31.4	0.0	0.0	0.0
Normalized Income Before Taxes	82.1	183.5	195.7	-21.5	57.3
Inc Tax Ex Impact of Sp Items	29.6	55.5	63.3	31.3	16.6
Normalized Income After Taxes	52.5	128.0	132.5	-52.9	40.7
Normalized Inc. Avail to Com.	52.5	128.0	132.5	-52.9	40.7
Basic Normalized EPS	1.00	2.45	2.65	-1.07	0.82
Diluted Normalized EPS	0.99	2.42	2.60	-1.07	0.80
Research and development	60.1	61.0	62.7	50.2	72.8
Interest Expense	0.1	-	-	-	-
Interest Expense	-	0.0	0.1	0.1	0.6
Rental Expense	8.2	7.7	8.3	9.0	-
Amortization of Intangibles	-	1.0	1.5	4.4	4.0
BC - Depreciation of Fixed Assets	14.4	-	-	-	-
Depreciation	-	12.0	12.3	14.4	14.5
Federal	10.4	25.8	27.8	-24.6	9.5
State	0.8	2.6	3.3	-0.2	1.5
Foreign	12.1	20.3	22.3	7.3	11.3
Current Tax - Total	23.3	48.8	53.4	-17.5	22.2
Federal	2.0	7.8	10.0	-0.4	-8.3
State	1.8	-0.2	0.1	-2.7	2.5
Deferred Tax - Total	3.8	7.5	10.1	-3.1	-5.8
Income Tax - Total	27.1	56.3	63.5	-20.7	16.4
401(k) Profit Sharing Plan	2.2	2.3	1.5	0.9	2.8
Total Pension Expense	2.2	2.3	1.5	0.9	2.8

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and cash equivalents	287.6	312.9	162.5	111.0	119.3
Short-term investments	327.7	252.6	269.5	160.8	159.6
Trade accounts receivable, Gross	84.9	-	-	-	-
Accounts Rcvbl.	-	123.4	140.7	96.6	87.5
Doubtful Rcvbls.	-2.9	-2.5	-2.6	-2.4	-2.1
Income taxes receivable	-	-	0.0	14.5	4.1
Raw Materials.	76.6	78.5	82.0	56.1	63.7
Work in Progress	19.7	21.3	21.9	16.5	17.4
Finished Goods	38.3	53.8	52.5	45.4	50.4
Deferred income taxes	8.2	10.6	13.8	21.5	19.1
Income tax receivable	12.8	12.0	0.0	-	-
Prepaid income taxes	4.3	8.5	6.6	-	-
Other current assets	-	13.7	6.0	12.9	9.9
Forward exchange contracts- Hedging	1.0	-	-	-	-
Other Other current assets.	10.0	-	-	-	-
Total Current Assets	868.2	884.9	752.9	532.9	528.7
Land	9.2	8.1	8.1	9.1	12.3
Buildings	68.8	65.0	63.6	64.8	65.9
Machinery/Equip.	115.0	107.3	97.9	92.1	90.2
Furn./Fixtures	51.7	48.5	50.6	52.8	51.6
Leasehold Imrov.	18.0	18.6	18.4	18.1	16.0
Cons. in Progres	9.2	7.1	4.0	1.4	5.5
Depreciation	-191.4	-182.1	-173.7	-171.1	-159.5
Completed technology	82.1	76.8	76.8	88.9	93.2
Customer relationships	14.6	9.2	8.9	21.9	23.5
Patents, Prop. Tech. & Other Acq. Intan.	25.0	24.7	24.6	29.7	29.7
Acc Amort Other Intangibles	-77.2	-	-	-	-
Acc Amort Other Intangibles	-8.9	-	-	-	-
AccAmort Brand/Patent/Market/Art Intang.	-24.6	-	-	-	-
Accumulated Intangible Amortization	-	-109.7	-108.7	-135.4	-125.4
Goodwill	150.7	140.1	140.0	144.5	337.8
Deferred Taxes	9.5	10.3	15.1	17.4	12.7
Other Other assets	2.2	-	-	-	-
Other assets	-	2.0	3.7	2.3	2.6
Long-term investments	12.2	7.9	0.0	4.9	0.0
Foreign currency Translation	0.6	-	-	-	-
Total Assets	1,134.8	1,118.7	982.4	774.1	984.9
Short-term borrowings	0.0	1.9	0.0	12.9	17.8
Cur.Port.Leases	-	-	-	0.0	0.9
Accounts Payable	16.8	24.9	36.4	26.3	19.3
Accrued compensation	21.0	21.8	29.9	10.7	13.8
Income taxes payable	4.1	7.5	5.3	-	-
Deferred revenue	9.3	11.6	5.0	4.1	4.6
Other current liabilities	-	28.8	33.0	17.4	19.5
Forward exchange contracts - Hedging	1.3	-	-	-	-
Other Other current liabilities	26.8	-	-	-	-
Total Current Liabilities	79.3	96.4	109.7	71.3	75.9
Long-term portion of capital lease oblig	-	-	-	0.0	0.4
Total Long Term Debt	-	-	-	0.0	0.4
LT Accrued Expenses	18.8	-	-	-	-
Other Other liabilities	3.7	-	-	-	-
Income tax payable	20.9	16.1	13.7	6.8	11.8
Other liabilities	-	16.1	12.0	11.1	10.2
Total Liabilities	122.7	128.6	135.4	89.1	98.2
Preferred Stock, $0.01 par value, 2,000,	0.0	0.0	0.0	0.0	0.0
Common Stock, no par value, 200,000,000	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	718.0	707.4	663.8	645.4	637.9
Retained Earnings	278.6	268.9	171.4	28.8	241.4
Accumulated other comprehensive income	-	13.6	11.8	10.6	7.2
Accumulated other comprehensive income	15.5	-	-	-	-
Total Equity	1,012.2	990.0	847.0	684.9	886.7
Total Liabilities & Shareholders' Equity	1,134.8	1,118.7	982.4	774.1	984.9
S/O-Ordinary Shares	52.7	52.5	50.6	49.5	49.3
Total Common Shares Outstanding	52.7	52.5	50.6	49.5	49.3
T/S-Ordinary Shares	0.0	0.0	0.0	0.0	0.0
Deferred revenue	9.3	11.6	5.0	4.1	4.6
Acc Amort Other Intangibles	77.2	-	-	-	-
Acc Amort Other Intangibles	8.9	-	-	-	-
AccAmort Brand/Patent/Market/Art Intang.	24.6	-	-	-	-
Accumulated Intangible Amortization	-	109.7	108.7	135.4	125.4
Full-Time Employees	2,305	2,429	2,673	2,178	2,631
Number of Common Shareholders	138	147	159	184	572
Long Term Debt , Remaining Maturities	-	-	-	5.0	-
Total Long Term Debt, Supplemental	-	-	-	5.0	-
Operating Lease Maturing Within 1 Year	7.6	7.6	7.4	7.8	8.7
Operating Lease Maturing Within 2 Years	5.7	5.8	6.6	6.0	7.6
Operating Lease Maturing Within 3 Years	4.0	4.7	5.2	5.2	5.2
Operating Lease Maturing Within 4 Years	3.0	3.5	3.5	3.2	4.5
Operating Lease Maturing Within 5 Years	3.0	3.0	2.8	2.7	4.1
Operating Lease , Remaining Maturities	3.3	4.0	3.7	5.2	8.1
Total Operating Leases, Supplemental	26.5	28.7	29.2	30.1	38.2
Liability - Supplemental Retirement	-16.4	-12.9	-12.2	-8.8	-7.8
Net Assets Recognized on Balance Sheet	-16.4	-12.9	-12.2	-8.8	-7.8

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	48.0	129.7	142.6	-212.7	30.1
Depreciation	14.4	13.0	13.8	18.8	23.5
Stock-based compensation	13.0	11.2	10.6	8.8	15.3
Provision for excess and obsolete invent	15.0	14.9	13.2	20.3	11.4
Impairment of goodwill	-	-	-	193.3	0.0
Impairment of intangible assets	-	-	-	15.2	6.1
Gain on disposal of discontinued operati	0.0	0.0	-4.4	0.0	0.0
Deferred income taxes	3.8	7.5	10.1	-3.1	-5.8
Excess tax benefits from stock-based com	-2.1	-5.3	-2.1	0.0	-0.3
Other	0.9	0.6	-0.6	1.0	1.3
Trade accounts receivable	38.3	17.9	-42.5	-9.9	23.6
Inventories	5.3	-11.7	-52.5	-4.7	7.1
Income taxes receivable	-3.1	-5.3	22.8	-19.9	-2.2
Other Current Assets	7.7	-7.7	0.3	2.5	-3.7
Accrued compensation and other liabiliti	4.1	2.9	40.9	-10.8	-4.4
Accounts Payable	-8.3	-11.6	11.2	6.1	-9.2
Cash from Operating Activities	137.2	156.0	163.5	4.9	92.7
Acquisition of business, net of cash acq	-22.6	0.0	0.0	-	-
Purchases of investments	-436.0	-475.8	-410.6	-254.1	-324.4
Sales of investments	46.6	100.1	117.7	-	-
Maturities of investments	313.3	385.6	188.8	248.1	263.7
Purchases of property, plant and equipme	-17.7	-15.6	-15.8	-4.2	-13.5
Proceeds from sale of assets	0.1	0.0	2.3	0.1	0.3
Net proceeds from sale of discontinued o	0.0	0.0	15.6	0.0	0.0
Other	-1.5	-0.4	-3.7	0.3	-0.3
Cash from Investing Activities	-117.9	-6.1	-105.6	-9.6	-74.1
Proceeds from short-term borrowings	2.9	41.8	119.2	162.4	155.9
Payments on short-term borrowings	-9.3	-39.9	-132.9	-166.8	-160.8
Repurchases of common stock	-11.5	-2.0	0.0	0.0	-115.7
Net proceeds related to employee stock a	1.6	28.5	6.5	-0.1	8.9
Dividend payments	-32.7	-31.4	0.0	0.0	-
LT Debt Repayments	-	-	-	0.0	-5.0
Excess tax benefit from stock-based comp	2.1	5.3	2.1	0.0	0.3
Others	-	-	-	-1.0	-
Capital Leases, Repayment	-	-	-	-	-1.3
Cash from Financing Activities	-47.0	2.4	-5.0	-5.6	-117.8
Foreign Exchange Effects	2.3	-1.9	-1.4	2.0	-5.6
Net Change in Cash	-25.3	150.4	51.5	-8.3	-104.7
Net Cash - Beginning Balance	312.9	162.5	111.0	119.3	224.0
Net Cash - Ending Balance	287.6	312.9	162.5	111.0	119.3
Cash Interest Paid	0.2	0.1	0.1	0.2	0.6
Cash Taxes Paid	18.0	52.6	47.4	10.0	11.6

 Financial Health

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue (?)	156.9	-11.54%	643.5	-21.76%	17.90%	-3.79%
Research & Development (?)	16.8	7.84%	60.1	-1.50%	6.19%	-4.23%
Operating Income (?)	10.4	-62.56%	74.2	-59.86%	-	-6.80%
Income Available to Common Excl Extraord Items (?)	7.3	-60.59%	48.0	-62.98%	-	-11.07%
Basic EPS Excl Extraord Items (?)	0.14	-60.85%	0.91	-63.34%	-	-9.87%
Capital Expenditures (?)	6.4	-20.62%	17.7	13.73%	61.81%	3.25%
Cash from Operating Activities (?)	5.6	-93.11%	137.2	-12.09%	203.57%	2.86%
Free Cash Flow (?)	-0.7	-	119.5	-14.95%	448.48%	2.81%
Total Assets (?)	1.2	-99.90%	1,134.8	1.45%	13.60%	1.07%
Total Liabilities (?)	0.2	-99.87%	122.7	-4.63%	11.24%	0.07%
Total Long Term Debt (?)	-	-	0.0	-	-	-
Employees (?)	-	-	2305	-5.10%	1.91%	-4.65%
Total Common Shares Outstanding (?)	53.2	0.64%	52.7	0.49%	2.13%	-0.56%
Market Cap (?)	1,413.3	4.99%	1,359.9	-6.88%	16.43%	5.54%

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	41.88%	45.59%	44.38%	33.16%	39.95%
Operating Margin (?)	11.53%	22.48%	22.92%	-43.71%	8.04%
Pretax Margin (?)	11.68%	22.62%	23.02%	-43.30%	9.08%
Net Profit Margin (?)	7.46%	15.77%	15.58%	-38.04%	6.44%
Financial Strength
Current Ratio (?)	10.95	9.18	6.86	7.47	6.96
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.02	0.02
Management Effectiveness
Return on Assets (?)	4.26%	12.35%	15.13%	-16.98%	3.88%
Return on Equity (?)	4.80%	14.12%	17.35%	-19.01%	4.35%
Efficiency
Receivables Turnover (?)	5.65	6.07	6.91	3.96	6.31
Inventory Turnover (?)	2.60	2.89	3.46	2.10	2.64
Asset Turnover (?)	0.57	0.78	0.97	0.45	0.60

Market Valuation USD (mil)
Enterprise Value (?)	959.7	.	Enterprise Value/Revenue (TTM) (?)	1.50
Price/Book (MRQ) (?)	1.57	.	Enterprise Value/EBITDA (TTM) (?)	9.93
Market Cap as of 08-Nov-2013 (?)	1,580.3	.

 Ratio Comparisons

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM) (?)	-	27.86	24.91	19.68
P/E High Excluding Extraordinary - Last 5 Yrs (?)	28.57	38.88	40.00	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs (?)	9.39	6.62	8.69	10.71
Beta (?)	1.50	1.53	1.47	1.00
Price/Revenue (TTM) (?)	-	1.99	2.38	2.57
Price/Book (MRQ) (?)	1.57	2.68	3.90	3.67
Price to Tangible Book (MRQ) (?)	1.88	6.83	5.81	5.21
Price to Cash Flow Per Share (TTM) (?)	-	16.42	13.98	14.22
Price to Free Cash Flow Per Share (TTM) (?)	-	29.60	37.21	26.26
Dividends
Dividend Yield (?)	2.16%	0.88%	1.75%	2.26%
Dividend Per Share - 5 Yr Avg (?)	0.24	0.99	2.50	1.99
Dividend 5 Yr Growth (?)	-	4.54%	1.06%	0.08%
Payout Ratio (TTM) (?)	-	20.70%	29.68%	25.98%
Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago (?)	-	21.35%	20.15%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago (?)	-	19.14%	23.47%	17.69%
Revenue 5 Yr Growth (?)	-3.79%	6.76%	7.38%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago (?)	-	33.62%	13.63%	19.49%
EPS (TTM) vs TTM 1 Yr Ago (?)	-	124.73%	42.74%	32.55%
EPS 5 Yr Growth (?)	-9.79%	5.77%	8.05%	9.86%
Capital Spending 5 Yr Growth (?)	3.25%	8.85%	9.93%	-2.04%
Financial Strength
Quick Ratio (MRQ) (?)	7.88	1.74	1.78	1.24
Current Ratio (MRQ) (?)	9.29	3.16	2.73	1.79
LT Debt/Equity (MRQ) (?)	-	0.26	0.81	0.64
Total Debt/Equity (MRQ) (?)	-	0.29	0.88	0.73
Interest Coverage (TTM) (?)	-	10.05	11.21	13.80
Profitability Ratios (%)
Gross Margin (TTM) (?)	-	26.58%	32.32%	45.21%
Gross Margin - 5 Yr Avg (?)	42.05%	25.52%	31.54%	44.91%
EBITD Margin (TTM) (?)	-	16.26%	22.23%	24.43%
EBITD Margin - 5 Yr Avg (?)	16.99%	15.46%	18.43%	22.84%
Operating Margin (TTM) (?)	-	12.93%	16.99%	20.63%
Operating Margin - 5 Yr Avg (?)	9.99%	12.28%	13.64%	18.28%
Pretax Margin (TTM) (?)	-	12.37%	15.86%	17.95%
Pretax Margin - 5 Yr Avg (?)	10.32%	11.83%	12.57%	17.10%
Net Profit Margin (TTM) (?)	-	8.43%	11.55%	13.65%
Net Profit Margin - 5 Yr Avg (?)	6.04%	7.88%	8.64%	12.10%
Effective Tax Rate (TTM) (?)	-	31.50%	28.04%	28.45%
Effective Tax rate - 5 Yr Avg (?)	41.47%	32.54%	29.65%	29.92%
Management Effectiveness (%)
Return on Assets (TTM) (?)	-	7.34%	8.05%	8.54%
Return on Assets - 5 Yr Avg (?)	4.05%	8.99%	7.49%	8.40%
Return on Investment (TTM) (?)	-	6.14%	5.86%	7.90%
Return on Investment - 5 Yr Avg (?)	4.45%	7.32%	5.78%	8.27%
Return on Equity (TTM) (?)	-	12.34%	18.78%	19.72%
Return on Equity - 5 Yr Avg (?)	4.58%	16.56%	17.45%	20.06%
Efficiency
Revenue/Employee (TTM) (?)	-	330,250.78	613,510.56	927,613.77
Net Income/Employee (TTM) (?)	-	26,934.95	82,492.56	116,121.92
Receivables Turnover (TTM) (?)	-	7.02	8.71	13.25
Inventory Turnover (TTM) (?)	-	4.69	8.16	14.53
Asset Turnover (TTM) (?)	-	0.96	0.82	0.93

 Annual Ratios

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	10.95	9.18	6.86	7.47	6.96
Quick/Acid Test Ratio (?)	8.95	7.24	5.20	5.34	4.85
Working Capital (?)	788.9	788.5	643.2	461.6	452.8
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.02	0.02
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.00	0.00	0.00	0.02	0.02
Payout Ratio (?)	68.01%	24.13%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	36.08%	30.27%	32.33%	-	29.05%
Total Capital (?)	1,012.2	991.9	847.0	697.8	905.8
Efficiency
Asset Turnover (?)	0.57	0.78	0.97	0.45	0.60
Inventory Turnover (?)	2.60	2.89	3.46	2.10	2.64
Days In Inventory (?)	140.66	126.44	105.56	173.49	138.05
Receivables Turnover (?)	5.65	6.07	6.91	3.96	6.31
Days Receivables Outstanding (?)	64.58	60.15	52.81	92.06	57.83
Revenue/Employee (?)	279,179	338,624	319,160	180,300	236,176
Operating Income/Employee (?)	32,201	76,132	73,141	-78,816	18,992
EBITDA/Employee (?)	38,466	81,476	78,313	-70,203	26,030
Profitability
Gross Margin (?)	41.88%	45.59%	44.38%	33.16%	39.95%
Operating Margin (?)	11.53%	22.48%	22.92%	-43.71%	8.04%
EBITDA Margin (?)	13.78%	24.06%	24.54%	-38.94%	11.02%
EBIT Margin (?)	11.53%	22.48%	22.92%	-43.71%	8.04%
Pretax Margin (?)	11.68%	22.62%	23.02%	-43.30%	9.08%
Net Profit Margin (?)	7.46%	15.77%	15.58%	-38.04%	6.44%
R&D Expense/Revenue (?)	9.34%	7.42%	7.35%	12.79%	11.71%
COGS/Revenue (?)	58.12%	54.41%	55.62%	66.84%	60.05%
SG&A Expense/Revenue (?)	19.51%	15.56%	14.05%	25.57%	19.41%
Management Effectiveness
Return on Assets (?)	4.26%	12.35%	15.13%	-16.98%	3.88%
Return on Equity (?)	4.80%	14.12%	17.35%	-19.01%	4.35%
Valuation
Free Cash Flow/Share (?)	2.26	2.68	2.92	0.01	1.61
Operating Cash Flow/Share  (?)	2.60	2.97	3.23	0.10	1.88

Current Market Multiples
Market Cap/Equity (MRQ) (?)	1.57
Enterprise Value/Equity (MRQ) (?)	0.95

Stock Report

Stock Snapshot

Traded: NASDAQ: MKSI

As of 8-Nov-2013    US Dollars

Recent Price	$29.69	EPS	$0.99
52 Week High	$31.00	Price/Sales	2.46
52 Week Low	$22.60	Dividend Rate	$0.64
Avg. Volume (mil)	0.25	Price/Book	1.55
Market Value (mil)	$1,580.35	Beta	1.50

	Price % Change	Rel S&P 500%
4 Week	5.70%	1.67%
13 Week	10.95%	5.99%
52 Week	29.48%	0.73%
Year to Date	15.17%	-7.23%

Stock History    

Market Cap History
	30-Sep-13	% Chg	30-Jun-13	% Chg	31-Mar-13	% Chg	31-Dec-12	% Chg	30-Sep-12	% Chg
Total Common Shares Outstanding	53	0.0	53	0.7	53	0.1	53	-0.1	53	-0.1
Market Cap	1,413.3	0.2	1,410.7	-1.8	1,436.0	5.6	1,359.9	1.0	1,346.2	-11.8

Yearly Price History
	2013	% Chg	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg
High Price	31.00	-11.4	34.99	3.4	33.85	36.1	24.88	20.8	20.60	-20.4
Low Price	24.64	9.8	22.45	12.2	20.01	25.5	15.94	40.1	11.38	-3.2
Year End Price	29.69	15.2	25.78	-7.3	27.82	13.6	24.50	40.8	17.40	17.6

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
08-Nov-13	29.59	29.84	28.95	29.69	1,112,763
31-Oct-13	26.55	31.00	26.39	29.64	6,666,833
30-Sep-13	25.42	26.80	24.71	26.59	4,506,987
30-Aug-13	27.30	27.60	24.93	25.05	5,282,353
31-Jul-13	26.70	28.97	26.03	27.12	4,655,774
28-Jun-13	28.21	29.02	26.25	26.54	4,799,333
31-May-13	26.70	28.34	25.63	28.15	3,799,203
30-Apr-13	27.10	27.24	24.64	26.87	7,754,180
28-Mar-13	26.86	27.99	25.74	27.20	4,391,574
28-Feb-13	27.97	28.84	26.83	27.14	5,417,708
31-Jan-13	26.33	29.45	25.67	27.80	6,578,108
31-Dec-12	24.37	25.87	23.84	25.78	4,873,537
30-Nov-12	23.59	24.62	22.60	24.25	5,265,468

Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST

---

· We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

· We have also removed both the short- and long-term ratings from CreditWatch negative.

· The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

· More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

· Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

· The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.101.80
Euro	1	Rs.84.75

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.