EL SEGUNDO, Calif. July 2003 - International Rectifier Corporation (NYSE:IRF) and SANYO Semiconductor, a wholly-owned subsidiary of SANYO Electric Co., Ltd. (TSE:6764), today announced that they are forming a joint venture to design, develop and market, electronic motor drive power modules for energy-efficient appliances and light industrial applications.

The new joint venture company that will be named IR-SA Integrated Technologies will pursue the rapidly expanding market for variable speed Motor Control technology being driven by government mandates as well as consumer demand for energy efficient air conditioners, refrigerators, washing machines and a host of light industrial equipment.

The new company will pair International Rectifier's leading proprietary Motor Control product expertise in power management electronics with SANYO's world-class packaging integration technologies that utilize its proprietary Insulated Metal Substrate Technology (IMST®), to deliver advanced "plug-in" solutions to appliance manufacturers worldwide.

International Rectifier CEO Alex Lidow said, "IR offers the best-in class power management ICs for energy-efficient appliance Motor Control. Through our partnership with SANYO and their unmatched knowledge in high efficiency packaging and appliance products, the joint venture will set new standards in product features and package outlines to deliver state-of-the-art performance compared to more traditional approaches."

"Our advanced integrated module packaging processes set the benchmark in our industry. Through the formation of this pact with the leader in power management electronics, we see great opportunities in the worldwide market of motor control products. Our joint venture will be able to deliver a solution that appeals to appliance makers' design goals and significantly reduce energy usage," said Tadahiko Tanaka, President of SANYO Semiconductor Company.

As a result of an existing joint collaborative agreement, IR and SANYO recently introduced two products in their flagship series of integrated power modules. Developed for 10-amp and 16-amp applications, each module incorporates a three-phase inverter power gate driver and auxiliary circuitry in a compact, high performance, isolated package. Using the integrated technology solution provided by IR-SA products, a complete motor control system design can be accomplished with the addition of a few external components and one micro controller, drastically reducing design time. Other advantages include decreased inventory and logistics costs, reduced footprint requirements, simplified layout and assembly, and increased system reliability. New products are expected in the coming months that specifically target a wide range of home appliances as well as light industrial motor control applications.

IR and SANYO each will own a 50% stake in the joint venture. IR-SA Integrated Technologies will distribute its products through the International Rectifier and SANYO worldwide sales channels. Subject to any regulatory approvals, the joint venture will officially commence operations on October 1, 2003.

Click image to see a presentation from IR CEO Alex Lidow

About International Rectifier

International Rectifier is recognized as a leading supplier of power semiconductors and systems solutions. IR's patented HEXFET® power MOSFETs, IGBTs and high-voltage ICs make electricity work smarter in industrial automation and controls, automotive electrical systems, consumer electronics, computers and peripherals, telecommunications, lighting and satellite/launch vehicle applications. About SANYO Semiconductor Company

SANYO Semiconductor Company belongs to Component Group, one of the four company groups consisting SANYO Electric Co., Ltd. and which engages in the electronic components business. In the fiscal year 2002 (as of March 2003) it achieved turnover of 311 billion yen (US$2.48 Billion) including display products output, with about 15,000 employees including those of their subsidiaries. It develops and manufactures semiconductor devices and flat panel displays for various leading applications in the electronic industry, such as mobile communication equipment, PC/PC peripherals and analog/digital AV equipment. As for manufacturing fabs, there are three wafer fabs and five assembly fabs in Japan and seven assembly fabs in Asia-Pacific region. Sales bases of the Companies are located in North America, Europe, Asia and Japan.

Further information is available at http://www.semic.SANYO.co.jp/index_e.htm.

Trademark Notice

IR® and HEXFET® are registered trademarks of International Rectifier Corporation. All other product names noted herein may be trademarks of their respective holders.

For more information, contact Graham Robertson, grobert1@irf.com, + (1) 310-726-8512 or for Investor Relations, contact Steve Harrison, sharrison@irf.com + 1 310-252-7731.

For more information on SANYO Electric Co., Ltd, contact the Corporate Communications Unit, tokyo-pr@svnet.sannet.ne.jp + 81 (0)3-3837-6206, Fax: + 81 (0)3-3837-6381