SALT LAKE CITY - Huntsman Corp., one of the world's largest chemical firms, raised $1.45 billion in its initial public offering yesterday.

Demand for the company's 60.2 million common shares was stronger than anticipated, Wall Street analysts said.  

The bulk of the proceeds will be used to reduce debt.

The company has also committed about $100 million of the proceeds toward various family charities including the University of Pennsylvania's Wharton School and cancer research, chief executive Peter Huntsman told the media.

Until yesterday, Huntsman Corp. called itself the world's largest privately held chemicals manufacturer. For nine months ended Sept. 30, the company reported a net loss of $284.9 million on revenues of $8.36 billion. It operates 63 plants in 22 countries and employs 11,600.

Huntsman has a total debt of about $6.2 billion, including bond debt, due to a series of acquisitions and restructurings.

The company has a variety of holdings in the electronics sector, including the former Vantico, a supplier of soldermask materials for circuit boards.

SAN CLEMENTE, CA - YESTech, a provider of AOI equipment, has opened a branch office in Shanghai.

The new office provides training and sales on YESTech's automated optical inspection and x-ray inspection systems for circuit board assembly and semiconductor packaging.

"The opening of the China office is a milestone for YESTech," said Don Miller, president of YESTech, in a press release. "We will be able to provide improved customer support, more effectively demonstrate our products to potential clients, and reduce the sales cycle for the rapidly growing China market."

BINGHAMTON, NY -- Frost & Sullivan has named Universal Instruments as recipient of its 2004 award for customer service leadership.

In a press statement the research firm said Universal won for its proactive service partnership approach that meets both the stated and unstated requirements of its customers globally.
 
Frost & Sullivan presents the award annually to the company that has demonstrated excellence in customer service leadership within the industry. 

"In the evolving world of electronic assembly, Universal has a refreshingly proactive and predictive approach to customer service in the surface mount technology placement equipment market," says Frost & Sullivan senior research analyst Vikram Shanbhag. "This includes the establishment of a highly networked global service infrastructure with regional hubs to meet specific customer needs."
 
Universal has a network of over 200 service personnel around the globe. New service offerings such as support continuance, and a focus on service partnership initiatives have set Universal apart from competitors, Frost said.

BANBURY, UK - General Hybrid UK, a contract electronics manufacturer, has been purchased by a group of its executives and will change its name to Copernica.

The new management group is led by former general manager Alan Longland. Most of the staff will be retained, according to news reports.

The company designs and manufactures thick-film hybrid circuits, PCB assemblies and high-voltage resistors. It also distributes some components.

It was formerly part of the HiDensity Group, a Swiss company.