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ANAHEIM, CALIF. — On Feb. 7, epoxy industry entrepreneur and chemical engineer Frank W. Kulesza sold basic chemical supplier Poly Organix Inc. to a unit of Orkla ASA of Lysaker, Norway.

The business in Newburyport, Mass., operates now as Borregaard Synthesis Inc. and supplies chemicals for Kulesza's core enterprise, Epoxy Technology Inc., founded in 1966. Poly Organix was getting too capital-intensive and ``too big for me,'' he said. Besides, Kulesza thinks he has a better idea.

In a Feb. 26 press conference at Nepcon West, Kulesza announced the formation of Polymer Flip Chip Corp. He has been cultivating the technology, which involves attaching a microchip to a substrate using polymers, for several years and expects to invest $3 million to $4 million of Poly Organix proceeds in the separate corporation.

Kulesza describes the new company as ``the world's first independent [flip chip] packaging producer and licenser.''

He is chairman, president and chief executive officer.

Polymer Flip Chip will provide assembly services to manufacturers of microelectronics devices, license the technology to those starting lines and provide technical assistance and technology transfer services.

The new company employs six, temporarily occupies a 10,000-square-foot facility adjacent to Epoxy Technology's 50,000-square-foot plant in Billerica, Mass., and expects to reach large-scale production in the fourth quarter of 1997.

Richard H. Estes, chief operating officer of Polymer Flip Chip, said construction of a 20,000-square-foot facility apart from Epoxy Technology's site will begin in April. Brian Sullivan joined the firm as senior process engineer.

In addition, Kulesza plans to establish a line in a joint venture in Dresden, Germany.

Since 1992, Epoxy Technology has licensed the technology to KSW Microtec GmbH of Dresden, Germany; Fraunhofer Institute of Berlin, Germany; and EPI Technologies in Plano, Texas.

``In a month, we will license a smart card company in Europe,'' Kulesza said, ``and we expect Polymer Flip Chip to grow rapidly.''

Epoxy Technology employs 35 and supplies isotropic conductive polymer for use as the bumping or bonding material in the patented Polymer Flip Chip process for interconnection of microchips and substrates. Proprietary materials include epoxies, imides and thermoplastics.

In earlier deals, Kulesza bought a fiber-optic connector company and sold it after growing the business to 72 employees, and he bought an Oregon chemical operation that he folded in starting Poly Organix.