Ultra Clean Holdings

Chipmaking machines are assembled from thousands of precision parts, and Ultra Clean makes many of the critical ones. It supplies the gas and fluid delivery modules, frames and subsystems that go inside the tools sold by semiconductor-equipment giants, which lets those customers outsource complex sub-assembly and focus on their own designs. That places the company one step removed from chip demand: its orders rise and fall with capital spending by equipment makers, which in turn tracks how much the world's fabs are building. Founded in 1991 and based in Hayward, California, it has expanded through acquisitions into cleaning and analytical services that keep contamination out of the manufacturing process. Because it depends on a handful of large equipment customers, the business is cyclical and concentrated, but it rides the same long-term growth as chip production itself.

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