MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	CABOT MICROELECTRONICS CORPORATION

Registered Office :	870 N. Commons Drive, Aurora, IL 60504

Country :	United States

Financials (as on) :	30.09.2012

Date of Incorporation :	06.10.1999

Legal Form :	Public Parent

Line of Business :	Supplier of polishing slurries and a CMP pad supplier used in the manufacture of advanced integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP).

No. of Employees :	1,042

RATING & COMMENTS

MIRA’s Rating :

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

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 will 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

CABOT MICROELECTRONICS CORPORATION

870 N. Commons Drive

Aurora, IL 60504

United States




Tel:	630-375-6631
Fax:	630-499-2666
Toll Free:	(800) 811-2756

www.cabotcmp.com

Employees:

1,042

Company Type:

Public Parent

Corporate Family:

15 Companies

Traded:

NASDAQ:

CCMP

Incorporation Date:

06-Oct-1999

Auditor:

PricewaterhouseCoopers LLP

Financials in:	USD In Millions
Fiscal Year End:	30-Sep-2012
Reporting Currency:	US Dollar
Annual Sales:	427.7 ¹
Net Income:	40.8
Total Assets:	517.8 ²
Market Value:	941.2
	(11-Oct-2013)

Business Description

Cabot Microelectronics Corporation (Cabot Microelectronics Corp) is the supplier of polishing slurries and a CMP pad supplier used in the manufacture of advanced integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). CMP is a polishing process used by IC device manufacturers to planarize or flatten many of the multiple layers of material that are deposited upon silicon wafers in the production of advanced ICs. The Company develops, produces and sells CMP slurries for polishing many of the conducting and insulating materials used in IC devices, and also for polishing the disk substrates and magnetic heads used in hard disk drives. The Company also develops, manufacture and sells CMP polishing pads, which are used in conjunction with slurries in the CMP process. For the nine months ended 30 June 2013, Cabot Microelectronics Corporation revenues decreased less than 1% to $316.9M. Net income increased 19% to $34.6M. Revenues reflect market conditions. Net income benefited from Research, development & technical decrease of 65% to $15.3M (expense), General and administrative decrease of 72% to $11M (expense), Selling and marketing decrease of 68% to $7.1M (expense).

Industry

Industry	Semiconductor and Other Electronic Component Manufacturing
ANZSIC 2006:	2429 - Other Electronic Equipment Manufacturing
ISIC Rev 4:	2610 - Manufacture of electronic components and boards
NACE Rev 2:	2611 - Manufacture of electronic components
NAICS 2012:	334413 - Semiconductor and Related Device Manufacturing
UK SIC 2007:	2611 - Manufacture of electronic components
US SIC 1987:	3674 - Semiconductors and Related Devices

Key Executives

Name	Title
William P. Noglows	Chairman of the Board, President, Chief Executive Officer
William S. Johnson	Chief Financial Officer, Vice President
Daniel J. Pike	Vice President - Corporate Development
H. Carol Bernstein	Vice President, General Counsel, Secretary
Yumiko Damashek	Vice President, Japan and Operations in Asia

Significant Developments

Topic	#*	Most Recent Headline	Date
Strategic Combinations	1	SEMATECH And Cabot Microelectronics Corp Collaborate To Accelerate Chemical Mechanical Planarization Technology For Future Devices	14-Feb-2013

*number of significant developments within the last 12 months

News

Title	Date
Downgrade Alert for Cabot Microelectronics (CCMP) PredictWallStreet (42 Words)	22-Oct-2013
Polishing composition for nickel phosphorous memory disks U.S. Patents (133 Words)	21-Oct-2013
Sidoti breaks from the majority, downgrades Cabot Microelectronics Seeking Alpha (28 Words)	21-Oct-2013
Cabot Microelectronics Corp. Downgraded to Neutral at Sidoti (CCMP) American Banking News (257 Words)	21-Oct-2013
Cabot Microelectronics Assigned Patent Targeted News Service (86 Words)	21-Oct-2013
WIPO PUBLISHES PATENT OF CABOT MICROELECTRONICS FOR "POLISHING PAD WITH LIGHT-STABLE LIGHT-TRANSMITTING REGION" (AMERICAN INVENTOR) U.S. Fed News (154 Words)	18-Oct-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	5.74	3.90
Quick Ratio (MRQ)	4.66	3.02
Debt to Equity (MRQ)	0.55	0.21
Sales 5 Year Growth	4.81	11.04
Net Profit Margin (TTM) %	10.82	19.30
Return on Assets (TTM) %	9.06	15.21
Return on Equity (TTM) %	16.16	21.72

Stock Snapshot

Traded: NASDAQ: CCMP

As of 11-Oct-2013

Financials in: USD

Recent Price	40.41	EPS	1.78
52 Week High	40.70	Price/Sales	2.20
52 Week Low	28.35	Price/Earnings	16.36
Avg. Volume (mil)	0.12	Price/Book	3.30
Market Value (mil)	941.23	Beta	1.15

	Price % Change	Rel S&P 500%
4 Week	6.29%	5.34%
13 Week	10.53%	9.04%
52 Week	19.45%	0.49%
Year to Date	13.80%	-4.71%

ABI Number: 532499811

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
870 N. Commons Drive
Aurora, IL, 60504
Du Page County
United States

Tel:	630-375-6631
Fax:	630-499-2666
Toll Free Tel:	(800) 811-2756

www.cabotcmp.com

Quote Symbol - Exchange
CCMP - NASDAQ

Sales USD(mil):	427.7
Assets USD(mil):	517.8
Employees:	1,042
Fiscal Year End:	30-Sep-2012

Industry:

Semiconductors

Incorporation Date:	06-Oct-1999
Company Type:	Public Parent
Quoted Status:	Quoted


Chairman of the Board, President, Chief Executive Officer:	William P. Noglows

Product Codes

Product Code	Product Description
MAT-AB-A	CMC polishing slurries

Business Description

Cabot Microelectronics Corporation (Cabot Microelectronics Corp), incorporated on October 6, 1999, is the supplier of polishing slurries and a CMP pad supplier used in the manufacture of advanced integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). CMP is a polishing process used by IC device manufacturers to planarize or flatten many of the multiple layers of material that are deposited upon silicon wafers in the production of advanced ICs. The Company develops, produces and sells CMP slurries for polishing many of the conducting and insulating materials used in IC devices, and also for polishing the disk substrates and magnetic heads used in hard disk drives. The Company also develops, manufacture and sells CMP polishing pads, which are used in conjunction with slurries in the CMP process.

The Company develops, produce and sell CMP slurries for polishing a range of materials that conduct electrical signals, including tungsten, copper, tantalum and aluminum. Slurries for polishing tungsten are used heavily in the production of advanced memory and logic devices for a multitude of end applications, such as computers and servers, MP3 players, gaming devices, cell phones and digital cameras, and in mobile Internet devices such as smart phones and tablets, as well as in mature logic applications, such as those used in automobiles and communication devices.

Slurries for polishing copper and barrier materials are used in the production of advanced IC logic devices such as microprocessors for computers, and devices for graphic systems, gaming systems and communication devices, as well as in the production of advanced memory devices. These products include different slurries for polishing the copper film and the thin barrier layer used to separate copper from the adjacent insulating material. The Company offers multiple products for each technology node to enables different integration schemes depending on specific customer needs. The Company also develops , manufacture and sells slurry products used to polish the dielectric insulating materials that separate conductive layers within logic and memory IC devices. The Company's core slurry products for these materials are primarily used for high volume applications called Interlayer Dielectric or ILD, and are used in the production of both older logic devices as well as in mature and advanced memory devices.

The Company's advanced dielectrics products are designed to meet the more stringent and complex performance requirements of lower-volume, more specialized dielectric polishing applications, such as pre-metal dielectric (PMD) and shallow trench isolation (STI), at advanced technology nodes. The Company develops , produce and sell CMP polishing pads, which is consumable materials that work in conjunction with CMP slurries in the CMP polishing process. The Company is producing and selling pads that can is used on a range of polishing tools, over a range of applications including tungsten, copper and dielectrics, over a range of technology nodes, and on both 200mm and 300mm wafers. The Company's pad product offerings include the Company's EPIC D100 series of pads and its next generation D200 series.

The Company develops and produce CMP slurries for polishing certain materials that is used in the production of rigid disks and magnetic heads used in hard disk drives for computer and other data storage applications, which represent an extension of its core CMP slurry technology and manufacturing capabilities established for the semiconductor industry. Through the Company's QED subsidiary, the Company designs and produce precision polishing and metrology systems for advanced optic applications that allows customers to attain near-perfect shape and surface finish on a range of optical components such as mirrors, lenses and prisms.

More Business Descriptions

Mfr of Polishing Compounds & Pads Used in Manufacture of Semiconductors

Establishments primarily engaged in manufacturing abrasive grinding wheels of natural or synthetic materials, abrasive-coated products, and other abrasive products.

Cabot Microelectronics Corporation is a leading supplier of polishing slurries and chemical mechanical planarization (CMP) pads that are utilized by various manufacturers for the production of integrated circuit (IC) and advanced semiconductors. The company operates in many locations including Germany, France, Taiwan, Japan, China, Korea, Singapore, and North America amongst others. The company holds vast expertise in the area of formulation of CMO slurry, materials and polishing techniques that are used by the semiconductor and related industries. The company operates its business through only one segment, which develops, manufactures and sells CMP consumables. It also designs, develops, and sells CMP slurries for polishing conducting and insulating materials used in IC devices; and also polishing certain components in hard disk drives, magnetic heads and specifically rigid disk substrates. The company develops and produces CMP slurries for polishing the materials that coat disks and magnetic heads used in hard disk drives for computer and other data storage applications. Cabot Microelectronics offers slurries that are used for the polishing applications of materials that conduct electrical signals. Further, the slurries offered by the company are used to polish the dielectric insulating materials, which separate the conductive layers within the logic and memory semiconductor chips. The slurries used for polishing copper and barrier materials are utilized in the production of IC logic devices that include microprocessors for computers, and devices for gaming systems, graphic systems and communication devices. The product portfolio of the company includes, tungsten slurries; dielectric slurries; copper slurries; polishing pads; data storage slurries; engineered surface; and finishes. For the fiscal year ended September 30, 2012, the tungsten slurries category generated $165.75m of the revenue; followed by dielectric slurries, $119.32m; copper slurries, $67.15m; polishing pads, $33.72m; engineered Surface finishes, $24.87m; and data storage slurries, $20.82m. The company along with its subsidiary QED Technologies, Inc. designs, develops, and manufactures precision polishing and metrology systems for optic applications. Based on its CMP technology, the company improves the surface finishing of the products, resulting in greater storage capacity of the hard disk drive systems. The subsidiary also offers complete technical assistance and training required to the customers. The companyâ€™s research and development (R&D) facility is involved in the development of new technologies and high-performance products that meet the requirements of existing and new clients. Its main areas of research include development and formulation of new and enhanced CMP consumable products, development to support rapid and effective commercialization of new products, technical support of CMP products, research related to fundamental CMP technology, amongst others. Cabot Microelectronics operates an R&D facility in Aurora, Illinois, which features a Class 1 clean room and advanced equipment for product development, including 300mm polishing and metrology capabilities. The company also houses an R&D facility in Taiwan within its Epoch subsidiary that includes a clean room with 200mm polishing capability. Recently, the company opened a new facility in South Korea; an R&D laboratory in Singapore to provide slurry formulation capability for the data storage industry; and also a research facility in Rochester, New York to support its QED business. For the fiscal year ended September 30, 2012, the company invested $58.64m into its R&D activities as compared to $58.03m invested in the previous fiscal, which represented an increase of 1.0%, or $0.6 m, primarily due to $1.5m in higher expenses for research and development materials and $0.5m in higher sample costs. Geographically, the company's operations are categorized into three major segments, namely, United States, Europe, and Asia. For the fiscal year ended September 2012, the Asia segment reported revenue of $342.95m and accounted for 80.19% of the companyâ€™s total revenue followed by United States with $56.77m, which accounted for 13.27% and the rest was accounted by the Europe segment that is $27.92m, which accounted for 6.53% of the total revenue. In May 2012, the companyâ€™s subsidiary, QED Technologies International Inc, launched QED Interferometer for Stitching (QISTM) system, which provides greater capabilities to QED's metrology product line and is optimized for stitching. In April 2012, the company received Intel Corporation's Preferred Quality Supplier (PQS) award for its contribution made to Intel's CMP polishing platforms. In December 2011, the company announced its plans to pursue a significant new capital management initiative including a leveraged recapitalization to improve the return value to its share holders. In October 2011, the company announced its plans to participate in the TechAmerica 2011 Classic in San Diego and the TechAmerica Illinois Investor Forum at NASDAQ in New York.

Cabot Microelectronics Corporation (Cabot Microelectronics) is one of the leading suppliers of high-performance polishing slurries and CMP (chemical mechanical planarization) pads for semiconductor industry. The products offered by the company have their wide applications in the manufacture of integrated circuit (IC) and advanced semiconductors and related critical components such as mobiles, laptops, desktop and others. Cabot Microelectronics also designs, develops, manufactures, and sells CMP consumables. Cabot Microelectronics is headquartered at Aurora in Illinois, the US.The company focuses on working closely with its customers to develop and manufacture products that offer innovative and reliable solutions to the customersâ€™ challenges. Leveraging on its current customer relationships and technological expertise, Cabot Microelectronics plans to expand its CMP business from slurries to other areas, such as CMP polishing pads. The company's operations span across several regions including Japan, Taiwan, Singapore, North America, China, Korea, China, France, and Germany. In Japan, the company has a plant that offers customized CMP solutions to customers in the region while in Taiwan the company has a pad finishing facility and it formulates the copper slurry products. In the future, the company plans to expand its Engineered Surface Finishes (ESF) business in the optics and electronic substrates markets, and intends to increase its focus on the core CMP business.The company reported revenues of (U.S. Dollars) USD 427.66 million during the fiscal year ended September 2012, a decrease of 3.99% from 2011. The operating profit of the company was USD 66.52 million during the fiscal year 2012, a decrease of 17.24% from 2011. The net profit of the company was USD 40.83 million during the fiscal year 2012, a decrease of 20.97% from 2011.

Cabot Microelectronics Corporation headquartered in Aurora Illinois is the worlds leading supplier of CMP polishing slurries and growing CMP pad supplier to the semiconductor industry. The companys products play a critical role in the production of advanced semiconductor devices enabling the manufacture of smaller faster and more complex devices by its customers. The companys mission is to create value by developing reliable and innovative solutions through close customer collaboration that solve todays challenges and help enable tomorrows technology. Since becoming an independent public company in 2000 the company has grown to approximately 925 employees on a global basis.

Cabot Microelectronics Corporation is a leading worldwide supplier of polishing compounds and provider of polishing pads used in the manufacture of advanced semiconductors and rigid disks. These are critical components that drive a variety of electronic systems, such as desktop and laptop computers, cellular phones, electronic games, personal data assistants, telecommunication switchboards and servers that power the Internet. Its polishing slurries and pads are at the heart of a process known as chemical mechanical planarization. Using its slurries and polishing pads, manufacturers planarize, or level and smooth, many of the multiple layers that are built upon silicon wafers to produce integrated circuit devices. Cabot Microelectronics Corporation is headquartered in Aurora, Ill.

Industry Codes

ANZSIC 2006 Codes:
2429	-	Other Electronic Equipment Manufacturing

ISIC Rev 4 Codes:
2610	-	Manufacture of electronic components and boards

NACE Rev 2 Codes:
2611	-	Manufacture of electronic components

NAICS 2012 Codes:
334413	-	Semiconductor and Related Device Manufacturing

US SIC 1987:
3674	-	Semiconductors and Related Devices

UK SIC 2007:
2611	-	Manufacture of electronic components

Financial Data

Financials in:	USD(mil)

Revenue:	427.7
Net Income:	40.8
Assets:	517.8
Long Term Debt:	161.9
Total Liabilities:	234.2
Working Capital:	0.3

Date of Financial Data:	30-Sep-2012

1 Year Growth

-4.0%

-21.0%

-17.6%

Market Data

Quote Symbol:	CCMP
Exchange:	NASDAQ
Currency:	USD
Stock Price:	40.4
Stock Price Date:	10-11-2013
52 Week Price Change %:	19.5
Market Value (mil):	941,228.4

SEDOL:	2572381
ISIN:	US12709P1030

Equity and Dept Distribution:
Common Stock $.001 Par, 03/11, 200M auth., 27,530,323 issd.,less 4,044,187 shs. in Treas. @ $142.5M. Insiders & strategic holders own 1.13%. IPO:4/3/00, 4M shs @$20 by Goldman, Sachs & Co. FY'00 financials and Q's are reclassified. FY'00 Summarized Q's are as reported by the Company. FY'99 financials are reclassified.

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP

Auditor:	PricewaterhouseCoopers LLP

Additional information

ABI Number:

532499811

Strategic Initiatives

Partnerships

TO OUR STOCKHOLDERS, CUSTOMERS, SUPPLIERS AND EMPLOYEEs As the leading supplier of CMP slurries to the semiconductor industry and a growing supplier of CMP pads, we supply virtually every semiconductor manufacturer in the world. Our broad exposure across the semiconductor industry, our robust product portfolio and extensive global infrastructure differentiate us from our competitors and enable us to better serve the needs of our customers on a global basis. We continue to demonstrate our commitment and ability to provide leading edge solutions in close collaboration with our customers around the world as we pursue and win new business opportunities. Despite the challenging macroeconomic and semiconductor industry environments in fiscal year 2012, we continued to execute our strategies to strengthen and grow our core CMP consumables business, and also further develop our Engineered Surface Finishes business. As a result, we achieved solid financial results in fiscal year 2012.

In May 2012, the companyâ€™s subsidiary, QED Technologies International Inc, launched QED Interferometer for Stitching (QISTM) system, which provides greater capabilities to QED's metrology product line and is optimized for stitching. In April 2012, the company received Intel Corporation's Preferred Quality Supplier (PQS) award for its contribution made to Intel's CMP polishing platforms. In December 2011, the company announced its plans to pursue a significant new capital management initiative including a leveraged recapitalization to improve the return value to its share holders. In October 2011, the company announced its plans to participate in the TechAmerica 2011 Classic in San Diego and the TechAmerica Illinois Investor Forum at NASDAQ in New York.GlobalData uses a range of research techniques to gather and verify its information and analysis. These include primary research, in-house knowledge and expertise, proprietary databases, and secondary sources such as company websites, annual reports, SEC filings and press releases.

In April 2012, the company received Intel Corporation's Preferred Quality Supplier (PQS) award for its contribution made to Intel's CMP polishing platforms. In December 2011, the company announced its plans to pursue a significant new capital management initiative including a leveraged recapitalization to improve the return value to its share holders. In October 2011, the company announced its plans to participate in the TechAmerica 2011 Classic in San Diego and the TechAmerica Illinois Investor Forum at NASDAQ in New York.GlobalData uses a range of research techniques to gather and verify its information and analysis. These include primary research, in-house knowledge and expertise, proprietary databases, and secondary sources such as company websites, annual reports, SEC filings and press releases. Disclaimer: No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.

Strengths/Weaknesses (SWOT)

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

· Robust Product Portfolio

· Higher Efficiency

Weaknesses

· Higher Revenue Concentration

· Weak Operational Performances

External Origin
(attributes of the environment)

Opportunities

· Positive Outlook for Memory Products

· Growth Drivers: End-Use Products

· Business Expansion

Threats

· Foreign Exchange Risk

· Rapid Technological Changes

· Competition

Overview

Cabot Microelectronics Corporation (Cabot) is a leading CMP Consumables provider offering a wide range of products such as polishing slurries and CMP pads for application in semiconductor and data storage industry. Higher asset utilization and robust product portfolio are its key strengths, even as, weak operational performances and higher revenue concentrations remain a major area of concern. Intense competition, rapid technological changes, and higher foreign exchange risk could have an adverse effect over Cabotâ€™s business, operating results and financial condition. However, business expansion, growth in end-use product demand, and positive outlook for memory products could provide ample opportunities for the company.

Strengths

Robust Product Portfolio

Cabot supplies high-performance polishing slurries and chemical mechanical planarization (CMP) pads. These products find use in the semiconductor industry, data storage industry, and precision optics industry. The company develops, produces and sells CMP slurries for polishing a wide range of materials that conduct electrical signals, including tungsten, copper, tantalum and aluminum. Cabot offers Semi-Sperse W2000 and W6000 series and WIN W7000, W7300, and W7500 series for tungsten applications. For interlayer and advanced dielectric applications its offerings include Semi-Sperse 25 series, SiLECT 6000 series, and IEL D7000, D8000, and N3000 series. The company offers EPOCH 8000 series, i-Cue 5000, 6000, and 7000 series, and Sentinel 8000 series for copper and barrier applications. Novus A7000 series and EPIC D100 and D200 series products find use in aluminum and pad applications. Such robust product portfolio allows the company to serve varied customer requirements eventually improving its sales.

Higher Efficiency

The company reported higher efficiency ratios in 2012 as compared to the previous year. Cabot reported asset turnover, fixed asset turnover and current asset turnover of 82.6%, 3.42 and 1.34 in 2012 as compared to 70.9%, 3.40 and 1.03 in 2011. Higher asset turnover depicts firm's efficiency at using its assets in generating revenue, the higher the number the better. Further, the company reported higher return on equity (ROE) and return on working capital. In fiscal 2012, the company reported return on equity and return on working capital of 14.39 and 26.12, as compared to 9.12 and 21.44 in the previous fiscal. Such higher efficiency indicates that the company efficient at using its assets in generating sales.

Weaknesses

Higher Revenue Concentration

The business of the company is majorly concentrated among limited number of large CMP customers, prominent among them include Samsung, Taiwan Semiconductor Manufacturing Co. (TSMC) and United Microelectronics Corporation. In fiscal 2012, Cabot had five largest customers which accounted for approximately 48% of the total revenue, with TSMC and Samsung accounting for about 18% and 13% of the revenue, respectively. In comparison, in fiscal 2011, the five largest customers accounted for around 47% of our revenue, with TSMC and Samsung accounting for roughly 17% and 10%, respectively. In addition, approximately 87%, 86% and 86% of the companyâ€™s revenue was generated by sales to customers outside of the United States for the fiscal 2012, 2011 and 2010, respectively. One or more of these principal customers could stop buying CMP consumables could substantially pose the revenue risk among these clientele.

Weak Operational Performances

The company reported weak operational performance in 2012 as compared to the previous fiscal. Cabot reported revenue of $427.66m in 2012, as compared to $445.44m in 2011, registering a decrease of 3.93% year on year; the decrease was mainly due to the declining demand from the semi-conductor industry conditions during the first half of fiscal 2012. In fiscal 2012, gross profit was 47.7%, which represents a decrease from the 48.1% reported for fiscal 2011. The decrease in gross profit was primarily due to higher fixed manufacturing costs, in addition to pricing impacts and lower sales and production volumes. Further, the company has reported declined in gross profit margin, operating profit margin and net profit margin as compared to the previous fiscal. In 2012, gross profit margin declined marginally to 47.70% from 48.06% from the previous fiscal; operating profit margin declined to 15.55% from 18.04% from the previous fiscal; and net profit margin declined to 9.54% from 11.59% from the previous fiscal. Such weak operational performances indicate that the company did not make proper use of the funds available to generate higher returns for its shareholders.

Opportunities

Positive Outlook for Memory Products

Cabot develops and produces CMP slurries for polishing certain materials that are used in the production of rigid disks and magnetic heads used in hard disk drives for computer and other data storage applications. Over the past few years, demand for NAND flash memory storage devices has found increased use in smart phones, iPhones, iPads, PCs, high performance workstations, servers, switches, routers and Internet infrastructure. Flash memory accounts for approximately 8% of the total revenue generated by the semiconductor industry. The flash memory market generated revenue of $23.80 billion in 2010. According to in-house research, the demand for NAND flash is expected to grow at a CAGR of 14.80% between 2010 and 2014, driven by demand from end-user segments including mobile handsets, MP3/PMP players, digital cameras, and USB flash drives. In the year 2011, Cabot expanded its manufacturing capacity for data storage applications to accommodate the growth it has experienced in this area of business. Such initiatives are expected to drive its top line growth further resulting in gaining market share in the future.

Growth Drivers: End-Use Products

The key growth drivers of CMP consumables market are its end-use products such as smart phones, tablets, and other electronic devices. According to in-house research, from 2009 to 2014, demand for smart phones is expected to grow at a CAGR of 176%, tablets at 152%, RFID & Standard at 23%, wireless networks at 19%, automotive at 18%, GPS & Digital TV at 17%, and game systems at 15%. Increase in demand for smart-phones and tablets are expected to increase the usage of IC devices leading to the growth of semiconductor industry over the long-term. Likewise, over the long-term, the demand for CMP consumables used by IC device manufacturers will grow as a result of growth in wafer starts, growth in % of IC devices produced that require CMP, an increase in the number of CMP polishing steps required to produce these devices and the introduction of new materials in the manufacture of semiconductor devices that will require CMP. Participating in such markets with huge growth potential will improve earnings capabilities of Cabot.

Business Expansion

The company believes that constant development of technology and innovative products are keys to its success in the CMP consumables business. In this regard, the company devotes significant resources for its research and development (R&D) activities. In 2011, Cabot opened its new research, development and manufacturing facility located in the Gyeonggi Province of South Korea. The company has invested around $28.2m to construct the 56,000 sq ft facility. Initially, the facility will support certain advanced dielectrics slurry products and later on include CMP products later on. This new production facility is expected to enhance the company's capabilities in the region and allow better support for key customers located in South Korea. Altogether, the company has its R&D facilities located in the US, Japan, Taiwan, Singapore, and South Korea.

Threats

Foreign Exchange Risk

The international operations of the company increase its exposure to foreign currency fluctuations. The company operates throughout the world and has dealings in various currencies. It operates in different countries and transacts business in various currencies including the Euro, Singapore Dollar, and Japanese Yen. However, the functional currency of the companyâ€™s operations is the US dollar. In fiscal 2012, approximately 13% of the revenue is transacted in currencies other than US dollar. The company makes efforts to mitigate the risk through foreign currency hedging. However, these hedging activities may not offset more than a portion of the adverse financial impact resulting from the unfavorable movement in foreign currency exchange rates. Constant and persistent fluctuations in currency would adversely affect the results of operations of the company.

Rapid Technological Changes

The electronic goods industry is subject to various significant ongoing technological advances and product innovation and development. Under the current market conditions, companies are expected to constantly improve their products and technology R&D, as well as optimize product development. This requires huge investments to develop new technologies and products. Upon investing in these new technologies, the companyâ€™s profits may suffer if they are not accepted in the marketplace as anticipated. Additionally, its competitors may develop innovative technologies and products, which might render its technology and products under development obsolete or uncompetitive. Such constant changes in technology and products could have an adverse impact over the business, operating results and financial condition of the company.

Competition

Cabot operates in highly competitive CMP consumables industry, which is characterized by rapid advances in technology and demanding product quality and consistency requirements. Its CMP slurry competitors range from small companies to divisions of global companies. In the field of CMP polishing pads the company competes with Dow Chemical which holds the dominant market share. Its QED subsidiary competes in the precision optics industry. Opportunities exist for other companies to emerge as potential competitors by developing their CMP slurry products. Increased competition has and may continue to impact the prices Cabot is charging for its slurry products as well as its overall business. In addition, the companyâ€™s competitors could have or obtain intellectual property rights which could restrict its ability to market existing products and/or to innovate and develop new products. Operating in such intensely competitive market could be a challenging task for the company.

Location
870 N Commons Dr Aurora, IL 60504-7963 United States

County:	Du Page
MSA:	Chicago, IL

Phone:	630-375-6631
Fax:	630-499-2666
Toll Free:	800-811-2756
URL:	http://cabotcmp.com

ABI^©:	532499811

Annual Sales:	$427,657,000 (USD)
Employees:	1,042

Facility Size(ft²):	40,000+
Facility Own/Lease:	Own

Business Type:	Public
Location Type:	Headquarter

Ticker:	CCMP
Exchange:	NASDAQ



Primary Line of Business:
SIC:	3291-02 - Abrasive Products (Mfrs)
NAICS:	327910 - Abrasive Prod Mfg
Secondary Lines of Business:
NAICS:	325192 - Cyclic Crude & Intermediate Mfg
	325998 - Other Misc Chemical Prod Mfg
	424690 - Other Chemical Merchant Whols
	541613 - Marketing Consulting Svcs
SICs:	2865-01 - Chemicals-Blending & Grinding (Mfrs)
	2899-05 - Chemicals-Manufacturers
	5169-16 - Chemicals (Whls)
	8742-13 - Marketing Programs & Services

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 15

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Cabot Microelectronics Corporation	Parent	Aurora, IL	United States	Semiconductor and Other Electronic Component Manufacturing	427.7	1,042
Cabot Microelectronics	Branch	Aurora, IL	United States	Non-Metallic Mineral Product Manufacturing	101.3	400
Epoch Material Co., Ltd.	Subsidiary	Kaohsiung	Taiwan	Miscellaneous Chemical Manufacturing		130
Cabot Microelectronics Japan K.K.	Subsidiary	Mie	Japan	Miscellaneous Chemical Manufacturing		100
Nihon Cabot Microelectronics K.K.	Subsidiary	Mie	Japan	Miscellaneous Professional Services		100
Cabot Microelectronics Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Semiconductor and Other Electronic Component Manufacturing		60
QED Technologies Inc	Subsidiary	Rochester, NY	United States	Professional and Commercial Equipment Wholesale		49
QED Optics	Branch	Rochester, NY	United States	Professional and Commercial Equipment Wholesale	10.6	4
Cabot Microelectronics Polish	Subsidiary	Addison, IL	United States	Metal Products Manufacturing	4.4	17
Surface Finishes	Branch	Addison, IL	United States	Metal Products Manufacturing	0.8	6
Cabot Microelectronics	Branch	De Pere, WI	United States	Non-Metallic Mineral Product Manufacturing	0.7	3
Cabot Microelectronics	Branch	San Jose, CA	United States	Non-Metallic Mineral Product Manufacturing	0.2	1
Nihon Cabot Microelectronics K.K.	Subsidiary	Tsu, Mie	Japan	Miscellaneous Chemical Manufacturing	335.1
Cabot Microelectronics Polishing Corporation	Subsidiary	Addison, IL	United States	Machinery and Equipment Manufacturing
QED Technologies International, Inc.	Subsidiary	Rochester, NY	United States	Machinery and Equipment Manufacturing

Competitors Report

CompanyName	Location	Employees	Ownership
Advanced Micro Devices, Inc.	Sunnyvale, California, United States	10,340	Public
Analog Devices, Inc.	Norwood, Massachusetts, United States	9,200	Public
Applied Materials, Inc.	Santa Clara, California, United States	14,500	Public
Asahi Glass Co Ltd	Chiyoda-Ku, Japan	49,961	Public
Broadcom Corporation	Irvine, California, United States	11,300	Public
Freescale Semiconductor Ltd	Austin, Texas, United States	16,500	Public
FUJIMI INCORPORATED	Kiyosu-Shi, Japan	783	Public
Hitachi Chemical Co Ltd	Chiyoda-Ku, Japan	17,732	Public
Infineon Technologies AG	Neubiberg, Germany	26,210	Public
Intel Corporation	Santa Clara, California, United States	106,000	Public
KLA-Tencor Corporation	Milpitas, California, United States	5,820	Public
LSI Corp	San Jose, California, United States	5,080	Public
Marvell Technology Group Ltd.	Hamilton, Bermuda	7,259	Public
Maxim Integrated Products Inc.	Sunnyvale, California, United States	9,019	Public
Micron Technology, Inc.	Boise, Idaho, United States	27,400	Public
NVIDIA Corporation	Santa Clara, California, United States	7,974	Public
NXP Semiconductors NV	Eindhoven, Netherlands	25,921	Public
STMicroelectronics N.V.	Geneve, Switzerland	48,000	Public
Texas Instruments Incorporated	Dallas, Texas, United States	34,151	Public
The Dow Chemical Company	Midland, Michigan, United States	52,714	Public

Executives Report

Board of Directors

Name

Title

Function

William P. Noglows

Chairman of the Board, President, Chief Executive Officer

Chairman

Biography:

Mr. William P. Noglows is Chairman of the Board, President, Chief Executive Officer of Cabot Microelectronics Corp., since November 2003. Mr. Noglows is a director of Littlefuse, Inc. and Aspen Aerogels, Inc. From 1984 through 2003, he served in various management positions at Cabot Corporation, culminating in serving as an executive vice president and general manager. While at Cabot Corporation, he was one of the primary founders of the company and was responsible for identifying and encouraging the development of the CMP application, which is the core of the business. Mr. Noglows had previously served as a director of the company from December 1999 until April 2002. Mr. Noglows received his B.S. in chemical engineering from the Georgia Institute of Technology.

Age: 55

Education:

Georgia Institute of Technology, BS (Chemical Engineering)

Compensation/Salary:$574,750

Compensation Currency: USD

Robert J Birgeneau

Independent Director

Director/Board Member

Biography:

Mr. Robert J. Birgeneau is an Independent Director of Cabot Microelectronics Corporation. He was elected a director of the company in March 2005. He has been the Chancellor of the University of California, Berkeley since September 2004. He holds a faculty appointment in the departments of physics and materials science and engineering there. From July 2000 until assuming current position, Mr. Birgeneau served as the President of the University of Toronto. Prior to that, Mr. Birgeneau was the Dean of the School of Science at the Massachusetts Institute of Technology, and previously had been the chair of its physics department. Mr. Birgeneau received his B.S. in mathematics from the University of Toronto and his Ph.D. in physics from Yale University.

Age: 70

Education:

Yale University, PHD (Physics)
University of Toronto, BS (Mathematics)

John P. Frazee

Independent Director

Director/Board Member

Biography:

Mr. John P. Frazee is an Independent Director of Cabot Microelectronics Corporation, since April 2000. He has been a private investor since 2001 and has served as a senior advisor to Greenhill & Co., Inc. since November 2007. Prior to 1997, he served as President and Chief Operating Officer of Sprint Corporation, and before that as Chairman and Chief Executive Officer of Centel Corporation. Mr. Frazee also has served as director of various entities including the Chicago Board of Options Exchange, Dean Foods Company, Harris Bancorp, Homestead Village, Inc., Midway Airlines, Nalco Chemical Company, Paging Network, Inc., and Security Capital Group Incorporated. Mr. Frazee received his bachelorâ€™s degree in political science from Randolph-Macon College.

Age: 68

Education:

Randolph-Macon College, B (Political Science)

H. Laurance Fuller

Independent Director

Director/Board Member

Biography:

Mr. H. Laurance Fuller is an Independent Director of Cabot Microelectronics Corporation, since June 2002. He is a director of Abbott Laboratories. Mr. Fuller retired from the position of Co-Chairman of BP Amoco, p.l.c. in 2000 after serving as Chairman and Chief Executive Officer of Amoco Corporation since 1991 and President since 1983. He has served as director of entities including J.P. Morgan Chase, Motorola, Inc. and Security Capital Group Incorporated. Mr. Fuller received his B.S. in chemical engineering from Cornell University.

Age: 74

Education:

DePaul University, JD
Cornell University, BS (Chemical Engineering)

Richard S. Hill

Independent Director

Director/Board Member

Biography:

Mr. Richard S. Hill is an Independent Director of Cabot Microelectronics Corp., since June 4, 2012. Mr. Hill retired as the Chairman and Chief Executive Officer of Novellus Systems, Inc., in the wake of its acquisition by Lam Research Corporation in 2012. Mr. Hill joined Novellus as its CEO in 1993 and was appointed its Chairman in 1996, serving continuously in these capacities until Novellusâ€™ acquisition by Lam. Prior to Novellus, Mr. Hill held senior leadership and management positions with Tektronix, Inc., General Electric, Inc., Motorola, Inc., and Hughes Aircraft, Inc. Mr. Hill serves on the boards of directors of Arrow Electronics, Inc., LSI Logic Corp., and Tessera Technologies, Inc.. He received a B.S. in bioengineering from the University of Illinois and a M.B.A. from Syracuse University.

Age: 61

Education:

Syracuse University, MBA
University of Illinois, BS (Bioengineering)

Barbara A. Klein

Independent Director

Director/Board Member

Biography:

Ms. Barbara A. Klein is an Independent Director of Cabot Microelectronics Corporation, since April 2008. She retired in May 2008 as the Senior Vice President and Chief Financial Officer of CDW Corporation. Prior to that, Ms. Klein held a senior finance positions including Vice President and Chief Financial Officer of Dean Foods Company, Vice President and Corporate Controller of Ameritech Corporation, and Vice President and Corporate Controller of Pillsbury Co. Ms. Klein serves on the board of directors of Ingredion, Inc. She is a certified public accountant. Ms. Klein received a B.S. in accounting and finance from Marquette University, and a M.B.A. from Loyola University.

Age: 58

Education:

Loyola University, MBA
Marquette University, BS (Finance and Accounting)

Edward J. Mooney

Independent Director

Director/Board Member

Biography:

Mr. Edward J. Mooney is an Independent Director of Cabot Microelectronics Corporation. He serves on the boards of directors of FMC Corporation, FMC Technologies, Inc., and the Northern Trust Corporation, and has served on the boards of Commonwealth Edison, Inc. and PolyOne Corporation. Mr. Mooney was the Delegue General-North America, Suez Lyonnaise des Eaux from March 2000 until his retirement in March 2001. From 1994 to 2000, he was Chairman and Chief Executive Officer of Nalco Chemical Company. Mr. Mooney received both a B.S. in chemical engineering and a J.D. from the University of Texas.

Age: 71

Education:

University of Texas, JD
University of Texas, BS (Chemical Engineering)

Steven V. Wilkinson

Independent Director

Director/Board Member

Biography:

Mr. Steven V. Wilkinson is an Independent Director of Cabot Microelectronics Corporation, since April 2000. He is a director of Entergy Corporation. Mr. Wilkinson has been retired since 1998. Prior to retirement, he was a partner of Arthur Andersen LLP. During his tenure with Arthur Andersen LLP, Mr. Wilkinson served clients across many industries, including chemical, electric and gas distribution, telecommunications, steel and transportation. He is a certified public accountant. Mr. Wilkinson received his B.A. in economics from DePauw University and his M.B.A. from the University of Chicago.

Age: 71

Education:

University of Chicago, MBA
DePauw University, BA (Economics)

Bailing Xia

Independent Director

Director/Board Member

Biography:

Mr. Bailing Xia is an Independent Director of Cabot Microelectronics Corporation, since September 2007. He is the Chairman of Summer Leaf, Inc., a privately-held company, headquartered in Toronto, Canada, and has served in that role since 1996. He has been the Chief Representative in North America for China Central Television (CCTV) for education, science, technology, culture and health programs since 1994. In April 2007, Mr. Xia was appointed a Member of the Planning Committee of the China Development Bank. In February, 2010, Mr. Xia was appointed a Senior Advisor of China Certification & Inspection Group (CCIC). He served as a director of Lingo Media International, Inc. Mr. Xia holds a degree in economics from Anhui University, and also graduated from the Sino-American Scientific Technology, Industry and Business Administration Program.

Age: 57

Education:

Sino-American Scientific Technology
Anhui University (Economics)

Executives

Name

Title

Function

William P. Noglows

Chairman of the Board, President, Chief Executive Officer

Chief Executive Officer

Biography:

Age: 55

Education:

Georgia Institute of Technology, BS (Chemical Engineering)

Compensation/Salary:$574,750

Compensation Currency: USD

Yumiko Damashek

View Email

Vice President, Japan and Operations in Asia

Operations Executive

Biography:

Ms. Yumiko Damashek is Vice President, Japan and Operations in Asia of Cabot Microelectronics Corp., since June 2008. Previously, Ms. Damashek served as Managing Director of Japan since November 2005. Prior to joining the Company, Ms. Damashek served as President for Celerity Japan, Inc. Prior to that, she held leadership positions at Global Partnership Creation, Inc. and Millipore Corporation. Ms. Damashek received her B.A. from the University of Arizona and her M.B.A. from San Diego State University.

Age: 56

Education:

San Diego State University, MBA
University of Arizona, BA

John Mc Mahon

Operations

Operations Executive

Mark Postlewait

Operations Manager

Operations Executive

Bill Spitzig

Global Operations Manager

Operations Executive

Adam F. Weisman

Vice President - Business Operations

Operations Executive

Biography:

Mr. Adam F. Weisman is Vice President - Business Operations of Cabot Microelectronics Corp., since September 2006. Prior to that was Vice President of Operations. Before joining the Company, Mr. Weisman held engineering and senior operations management positions with the General Electric Company from 1988 through 2004, including having served as the General Manager of Manufacturing for GE Plastics - Superabrasives, and culminating in serving as the Executive Vice President of Operations for GE Railcar Services. Prior to joining GE, he worked as an engineering team leader and pilot plant manager for E.I. Du Pont de Nemours & Company. Mr. Weisman holds a B.S. in Ceramic Engineering from Alfred University.

Age: 50

Education:

Alfred University, BS (Ceramics Engineering)

Compensation/Salary:$331,075

Compensation Currency: USD

H. Carol Bernstein

Vice President, General Counsel, Secretary

Company Secretary

Biography:

Ms. H. Carol Bernstein is Vice President, General Counsel, Secretary of Cabot Microelectronics Corp., since August 2000. From January 1998 until joining the company, Ms. Bernstein served as the General Counsel and Director of Industrial Technology Development of Argonne National Laboratory, which is operated by the University of Chicago for the United States Department of Energy. From May 1985 until December 1997, she served in positions with the IBM Corporation, culminating in serving as an Associate General Counsel, and was the Vice President, Secretary and General Counsel of Advantis Corporation, an IBM joint venture. Ms. Bernstein received her B.A. from Colgate University and her J.D. from Northwestern University; she is a member of the Bar of the States of Illinois and New York.

Age: 52

Education:

Northwestern University, JD
Colgate University, BA

Compensation/Salary:$318,625

Compensation Currency: USD

William S. Johnson

Chief Financial Officer, Vice President

Finance Executive

Biography:

Mr. William S. Johnson is Chief Financial Officer, Vice President of Cabot Microelectronics Corp., since April 2003. Prior to joining the Company, Mr. Johnson served as Executive Vice President and Chief Financial Officer for Budget Group, Inc. from August 2000 to March 2003. Before that, Mr. Johnson spent 16 years at BP Amoco in various senior finance and management positions, the most recent of which was President of Amoco Fabrics and Fibers Company. Mr. Johnson received his B.S. in Mechanical Engineering from the University of Oklahoma and his M.B.A. from the Harvard Business School.

Age: 55

Education:

Harvard University, MBA
University of Oklahoma, BS (Mechanical Engineering)

Compensation/Salary:$351,750

Compensation Currency: USD

Veronica Kraft

Finance

Finance Executive

Rick Ossler

Senior Financial Accountant

Finance Executive

Sabrina Vosnos

Senior Financial Analyst

Finance Executive

Frank Gengo

Director, Internal Audit

Accounting Executive

Lisa Nassos

Senior Internal Auditor

Accounting Executive

Thomas S. Roman

Principal Accounting Officer, Corporate Controller

Accounting Executive

Biography:

Mr. Thomas S. Roman is Principal Accounting Officer, Corporate Controller of Cabot Microelectronics Corp., since February 2004. Previously served as North American Controller. Prior to joining the Company in April 2000, Mr. Roman was employed by FMC Corporation in various financial reporting, tax and audit positions. Before that, Mr. Roman worked for Gould Electronics and Arthur Andersen LLP. Mr. Roman is a C.P.A. and earned a B.S. in Accounting from the University of Illinois and an M.B.A. from DePaul University.

Age: 51

Education:

DePaul University, MBA
University of Illinois, BS (Accounting)

Michelle Nunamaker

Manager Benefits Compensation, and Hris

Benefits & Compensation Executive

Rick Lawson

View Email

Human Resources

Human Resources Executive

Lisa A. Polezoes

View Email

Vice President - Human Resources

Human Resources Executive

Biography:

Ms. Lisa A. Polezoes is Vice President - Human Resources of Cabot Microelectronics Corp., since October 2012. Prior to that, Ms. Polezoes was the Global Director of Human Resources from August 2006, and previously had been Director of Global Compensation and Benefits from 2005. Prior to joining the Company, Ms. Polezoes had various human resources and management positions at Praxair, Montgomery Ward and Hyatt Corporation. Ms. Polezoes received her B.S. in Institutional Management from Purdue University and her M.B.A. from Benedictine University.

Age: 48

Education:

Benedictine University, MBA
Purdue University, BS

Betsy Alegria

Training and Development Manager

Training Executive

Alan Chang

Vice President of Sales and Marketing

Sales Executive

Jean Pol Delrue

International, Vice President, Sales Executive

Sales Executive

Biography:

Jean Pol Delrue is the vice president of global sales for Cabot Microelectronics Corporation. Prior to joining the company, he worked for Ebara Precision Machinery Europe. Delrue earned an executive master of business administration degree from the Centre de Perfectionnement des Affaires and a doctorate in physical chemistry from Belgiums University of Mons.

Education:

Stanford University, post doctorate work (Chemical Engineering)
University of Mons, PhD (Physical Chemistry)
Centre de Perfectionnement, MBA

Daniel S. Wobby

Vice President - Global Sales

Sales Executive

Biography:

Mr. Daniel S. Wobby is Vice President - Global Sales of Cabot Microelectronics Corp., since June 2008. Prior to that, Mr. Wobby served as Vice President, Asia Pacific Region since September 2005. Previously, Mr. Wobby served as Vice President, Greater China and Southeast Asia starting in February 2004 and as Corporate Controller and Principal Accounting Officer from 2000 to 2004. From 1989 to 2000, Mr. Wobby held various accounting and operations positions with Cabot Corporation culminating in serving as Director of Finance. Mr. Wobby earned a B.S. in Accounting from St. Michaelâ€™s College and an M.B.A. from the University of Chicago.

Age: 49

Education:

University of Chicago, MBA
University of Toronto, BS (Accounting)

Compensation/Salary:$318,575

Compensation Currency: USD

Bill Broyles

Global Supply Chain Manager

International Executive

James De Honiestl

Global Information Technology

International Executive

Biography:

James DeHoniesto is the chief information officer for Cabot Microelectronics Corporation. Prior to joining the company, he held various leadership positions at Hewlett-Packard and Agilent Technologies. DeHoniesto received a bachelor's degree in computer science from the University of Pittsburgh.

Education:

University of Pittsburgh, bachelor's (Computer Science)

Lisa Fortino

Global Corporate Communications Specialist

International Executive

Brian Leikel

International Transportation Manager

International Executive

Gil Morgan

Global Quality Director

International Executive

Anita Schmall

Global Business Applications

International Executive

Steve Wolff

Vice President, Global Sourcing

International Executive

Kyose Choi

Technical Marketing Manager

Marketing Executive

Catherine Conroy

Marketing Manager

Marketing Executive

Stephen R. Smith

Vice President - Marketing

Marketing Executive

Biography:

Mr. Stephen R. Smith is Vice President - Marketing of Cabot Microelectronics Corp., since September 2006. Previously was Vice President of Marketing and Business Management since April 2005 and Vice President of Sales and Marketing from October 2001. Prior to joining the company, Mr. Smith served as Vice President, Sales & Business Development for Buildpoint Corporation from 2000 to April 2001. Prior to that, Mr. Smith spent 17 years at Tyco Electronics Group, formerly known as AMP Incorporated, in various management positions. Mr. Smith earned a B.S. in Industrial Engineering from Grove City College and an M.B.A. from Wake Forest University.

Age: 53

Education:

Wake Forest University, MBA
Grove City College, BS (Industrial Engineering)

Source: Reuters

Compensation/Salary:$217,875

Compensation Currency: USD

Source: Reuters

Amy Ford

Corporate Communications Executive

Trisha Tuntland

Manager of Investor Relations

Investor Relations Executive

Edward Chu

Information Technology Engineer

Information Executive

Jon Harper

Control Systems Engineer

Information Executive

Brandy Kalsto

Information Technology Manager

Information Executive

Sandeep Nagar

Information Technology

Information Executive

Ed Shea

Manager Information Technology Help Desk

Information Executive

Carlos Barros

Process Engineer