FREMONT, Calif. and TOKYO, Japan, April 16, 2002 - Asyst Technologies, Inc. (Nasdaq NM: ASYT), and Shinko Electric Co. Ltd. (Tokyo Stock Exchange: 6507) today announced that the companies have signed a Basic Agreement that is expected to lead to the formation of a new joint venture company that will develop, manufacture and market Shinko's market-leading Automated Materials Handling Systems (AMHS).

In addition to participation in the joint venture, Asyst will continue the commercialization program for its next-generation FasTrack™ AMHS, which is the only semiconductor AMHS to use continuous flow technology (CFT). The company currently is working with Taiwan Semiconductor Manufacturing Co. (TSMC -- NYSE: TSM), the world's largest foundry manufacturer of chips, in a joint development project to fully commercialize FasTrack. Asyst anticipates that its FasTrack team will collaborate extensively with the new joint venture.

Dr. Morris Chang, chairman and CEO of TSMC, said, "As TSMC increases its 300mm production, automated material handling and tool loading are becoming critical for fab productivity. This joint venture between Asyst, a long-term TSMC supplier of automation solutions, and Shinko, a proven provider of AMHS systems, is of potential great benefit to TSMC's 300mm manufacturing."

Shinko has won more than half of the current worldwide installations for 300mm AMHS, including the two largest installations to date -- the first production 300mm fab for a large U.S.-based chip manufacturer and the first production 300mm fab for TSMC. Shinko's 300mm installed base includes more than 21.8 kilometers of track, 970 various transport vehicles and nearly 200 stockers.

Shinko Electric plans to move all of its AMHS products and operations into the joint venture, including its full inter-bay and intra-bay overhead transport systems, stockers, automated- and rail-guided vehicles, reticle stockers and transport systems, Material Control System (software), and approximately 240 employees. Shinko will retain 49% ownership of the joint venture, to be called Asyst Shinko Inc., with Asyst purchasing 51%. The transaction, which is subject to completion of a definitive agreement, due diligence, Shinko shareholder approval and regulatory approval, is expected to close in the fourth calendar quarter.

Mihir Parikh, chairman and CEO of Asyst, said, "Through this joint venture, Asyst is now positioned to become the leader in 300mm AMHS, a market that is expected to more than double to $1 billion annually in the next industry upturn. Shinko has been the clear winner in 300mm AMHS to date. Fabs worldwide give Shinko high marks on technology and quality, as well as praise of every operational aspect of their business - from system design, modeling and simulation to installation, integration and support. In addition, our FasTrack AMHS project at TSMC is progressing well, and we continue to expect installation of FasTrack at TSMC later this year. With formation of this joint venture, we will have the industry's most comprehensive AMHS offering that integrates cutting edge, differentiated CFT technology from Asyst with best-of-breed car-based technology from Shinko, as well as world-class execution."

Mr. Hirobumi Saeki, President of Shinko Electric Co. Ltd., said, "This is a significant partnership between two of the leading companies in semiconductor factory automation. Asyst has some of the strongest customer relationships in the industry, built over the past 17 years. These relationships, combined with Shinko's products and AMHS expertise, give our joint venture a powerful opportunity for growth and market share gains in the coming industry upturn."

Conference Call: The company will host a conference call this morning, April 16, 2002, at 8:00 a.m. Eastern Time. A live webcast of the call will be available at www.asyst.com

About Shinko Electric Co. Ltd: Shinko Electric Co., Ltd. was founded in 1917. The company is a Japan based major manufacturer of electric machinery and precision electronic equipment, offering its outstanding and unique Electronics & Mechatronics technologies to customers worldwide. The company has four key business units: Information Systems, Infrastructure Systems, Aerospace Devices and Automated Material Handling Systems. In addition to its leadership in 300mm semiconductor AMHS, the company also is a leading manufacturer of photographic color printers and compact linear swing motors. Headquartered in Tokyo, Shinko has 2,500 employees.

About Asyst: Asyst Technologies, Inc. is a leading provider of integrated automation solutions that enable semiconductor manufacturers to increase overall equipment effectiveness, improve yields and increase fab throughput. The company offers a broad range of 200mm and 300mm solutions that enable the safe and rapid transfer of wafers and information between process equipment and the fab line throughout the IC fabrication process, while reducing IC damage caused by human, environmental, mechanical and chemical factors. Asyst's homepage is http://www.asyst.com

Safe Harbor: Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, general economic conditions, semiconductor industry cycles, risks associated with the acceptance of new products and product capabilities and other factors more fully detailed in the Company's recent 10Q quarterly report on file with the Securities and Exchange Commission.

CONTACT:

John Swenson
Asyst Technologies, Inc.
(510) 661-5000
jswenson@asyst.com