Intevac Stock Price, News & Analysis

Intevac, Inc. (former Nasdaq: IVAC) was founded in 1991 and operated in the computer storage device manufacturing value chain as a supplier of thin‑film processing systems. According to the company’s own descriptions in multiple releases, Intevac described itself as a leading provider of thin‑film process technology and manufacturing platforms for high‑volume manufacturing environments, with a long history serving the hard disk drive (HDD) industry.

Intevac’s business focused on the design, development, and manufacturing of high‑productivity thin‑film processing systems. The company stated that it deployed its materials science expertise primarily to the HDD industry, where its systems supported disk media production and technology upgrades. Over more than three decades, Intevac emphasized its experience in high‑productivity thin‑film processing and its role in high‑volume manufacturing settings.

Core HDD thin‑film technology

Across its public communications, Intevac highlighted its position as a long‑time supplier to the HDD industry. The company stated that its 200 Lean® platform was its flagship system and an industry‑leading platform that supports the majority of the world’s capacity for HDD disk media production. Intevac also stated that this platform supported the vast majority of the industry’s most advanced, leading‑edge, heat‑assisted magnetic recording (HAMR) media, and that it underpinned all technology upgrade initiatives currently underway in support of next‑generation HAMR media.

The company repeatedly described itself as a critical supplier to the HDD industry, with its HDD business for several years focused on enabling upgrades of the installed base of worldwide media capacity. Intevac explained that these upgrades were carried out in close partnership with HDD customers, with the goal of enabling those customers’ technology roadmaps. The company also stated that its HDD business included upgrades, spares, and field service, and that technology upgrades in support of next‑generation HAMR media drove the majority of its business over certain periods.

TRIO™ platform and additional markets

In addition to HDD media applications, Intevac described efforts to leverage its thin‑film technology and know‑how for additional markets. The company introduced its TRIO™ platform, described as a groundbreaking system that enables high‑value coatings to be deployed cost‑effectively on an array of glass displays and other substrates, including for consumer devices. Intevac linked TRIO to Asia‑based electronics manufacturing markets, noting that growth opportunities were focused on the Asia electronics supply chain and that the company sought new customers and partnerships in those markets.

Later, Intevac announced a strategic shift from its TRIO technology to focus on the HDD sector. The company stated that TRIO did not meet its expected performance and market penetration, and that it decided to close the TRIO business and impair the remaining assets. Intevac characterized this restructuring as a way to increase efficiency, streamline complexity, and strengthen its core HDD business, particularly in anticipation of broader HAMR adoption in the HDD industry.

Strategic focus and restructuring

Intevac disclosed that it undertook restructuring actions and a renewed focus on pursuing strategic options. The company described a restructuring program that included closing the TRIO business and recording related charges. It stated that the restructuring was expected to materially strengthen profitability and that it anticipated annualized savings as a result.

Intevac also reported that it had retained investment banking firm Houlihan Lokey Capital, Inc. to advise management and the board of directors on strategic alternatives. The company noted that, following its restructuring and improved outlook for the HDD business, Houlihan Lokey was actively pursuing strategic alternatives, including discussions with interested parties. Intevac formed and later updated the composition of a Strategic Committee of the Board of Directors to work with management and the advisor in evaluating options to increase stockholder value.

Acquisition by Seagate and trading status

According to a Business Wire announcement from Seagate Technology Holdings plc, Seagate completed the acquisition of Intevac, Inc. on March 31, 2025. The transaction followed a previously announced cash tender offer for all outstanding shares of Intevac common stock at $4.00 per share, conducted through Irvine Acquisition Holdings, Inc., an indirect wholly owned subsidiary of Seagate. Seagate reported that the tender offer expired one minute after 11:59 p.m. Eastern Time on March 28, 2025, and that the conditions to consummation of the tender offer were satisfied.

Following completion of the tender offer, Seagate stated that it completed the acquisition of Intevac through a merger pursuant to an Agreement and Plan of Merger dated February 13, 2025. In connection with the merger, each share of Intevac common stock (with specified exceptions) was converted automatically into the right to receive $4.00 per share in cash, the same consideration as in the tender offer, subject to applicable withholding taxes. Seagate further reported that, upon completion of the merger, Intevac became a wholly owned subsidiary of Seagate, and that shares of Intevac ceased trading prior to the open of the market on March 31, 2025 and will be delisted from the Nasdaq Global Select Market.

As a result, the IVAC ticker now represents a former, acquired company. Historical information about Intevac and its stock is relevant primarily for understanding the background of the business that Seagate acquired and for reviewing past trading and corporate actions associated with the IVAC symbol.

Role within the storage manufacturing ecosystem

Within the broader manufacturing sector, Intevac’s disclosures position it as part of the HDD media production and thin‑film coating equipment ecosystem. The company emphasized its materials science capabilities, high‑productivity manufacturing platforms, and long‑term relationships with HDD customers. Its systems were used in high‑volume manufacturing environments, particularly for HDD disk media, and the company highlighted its involvement in technology upgrade initiatives supporting next‑generation HAMR media.

Although Intevac previously operated a photonics business and described that activity in older materials, more recent company communications and the news flow provided here focus on its equipment business serving HDD media and related thin‑film applications. The sale of the photonics business, referenced in passing in a later release, and the closure of the TRIO business left Intevac centered on its HDD‑related thin‑film processing platforms before its acquisition by Seagate.

FAQs about Intevac (IVAC)

• What did Intevac, Inc. do?
  Intevac described itself as a provider of thin‑film process technology and manufacturing platforms for high‑volume manufacturing environments. It focused its materials science expertise primarily on the hard disk drive (HDD) industry, supplying high‑productivity thin‑film processing systems used in HDD disk media production and technology upgrades.
• What was Intevac’s flagship product platform?
  The company identified its 200 Lean® platform as its flagship system. Intevac stated that this platform is industry‑leading and supports the majority of the world’s capacity for HDD disk media production, including the vast majority of the industry’s most advanced, leading‑edge HAMR media.
• Which industry did Intevac primarily serve?
  Intevac reported that it was a long‑time supplier to the hard disk drive (HDD) industry. The company’s materials science and thin‑film processing systems were deployed primarily to HDD disk media applications, and it described itself as a critical supplier to the HDD industry.
• What was the TRIO™ platform?
  Intevac described its TRIO™ platform as a system that enables high‑value coatings to be deployed cost‑effectively on an array of glass displays and other substrates, including for consumer devices. The company stated that it was leveraging its thin‑film technology and know‑how for additional markets through TRIO before later deciding to close that business.
• Why did Intevac close the TRIO business?
  The company stated that its TRIO technology did not meet the Company’s expected performance and market penetration. As a result, Intevac decided to close the TRIO business and impair the remaining assets, as part of a restructuring aimed at strengthening profitability and focusing on the HDD sector.
• How did Intevac describe its HDD business strategy?
  Intevac reported that, for several years, the majority of its HDD business had been focused on enabling upgrades of the installed base of worldwide media capacity. It emphasized working in close partnership with HDD customers to support their technology roadmaps, particularly around next‑generation HAMR media and technology upgrades.
• What happened to Intevac’s stock and the IVAC ticker?
  Seagate Technology Holdings plc announced that it completed the acquisition of Intevac on March 31, 2025 through a merger following a cash tender offer. Seagate stated that, upon completion of the merger, Intevac became a wholly owned subsidiary of Seagate and that shares of Intevac ceased trading prior to the open of the market on March 31, 2025 and will be delisted from the Nasdaq Global Select Market.
• Did Intevac explore strategic alternatives before the acquisition?
  Yes. Intevac disclosed that it had retained Houlihan Lokey Capital, Inc. to advise on strategic alternatives. Following restructuring and an increased focus on HDD, the company reported that Houlihan Lokey was actively pursuing strategic alternatives, including discussions with interested parties, and that a Strategic Committee of the Board was overseeing this process.
• Is Intevac still an independent public company?
  Based on Seagate’s announcement, Intevac is no longer an independent public company. It became a wholly owned subsidiary of Seagate as of March 31, 2025, and Seagate reported that Intevac’s shares would be delisted from the Nasdaq Global Select Market following completion of the merger.