Japan's Horiba buys South Korean chip tools maker EtaMax

KYOTO, Japan -- Japanese measuring instruments maker Horiba said Monday that it has purchased all shares in EtaMax, a South Korean manufacturer of chipmaking devices.

The cost of the acquisition was not disclosed, but it is thought to be roughly 3 billion yen ($20.4 million). Horiba plans to combine the two companies' strengths to drive an expansion in the semiconductor space.