International Rectifier to Expand Workforce and Investment at Facility in Wales
EL SEGUNDO, Calif. May 2004 - International Rectifier IRŪ (NYSE: IRF) CEO Alex Lidow and Welsh First Minister Rhodri Morgan announced today a major initiative to expand IR's workforce and double the production capacity at its facility in Newport, Wales.
The expansion will include the creation of highly skilled engineering and production jobs to fill the nearly 120 vacancies the Company foresees as it brings on-line its 200 mm (8-inch) wafer fabrication facility. Many of the newly created jobs will be devoted to International Rectifier's latest High Voltage IC (HVIC) proprietary technology.
With today's announcement, Dr. Lidow unveiled plans to expand IR-Newport's charter beyond leading-edge low voltage devices to include IR's next generation of HVICs, considered by many to be the best in the industry. This high value HVIC silicon, planned for production on the 200 mm line, will be used in integrated motor controllers for a variety of industrial, appliance and automotive applications.
"IR-Newport is one of our most advanced facilities and, as such, an important part of our business strategy. Since the acquisition, IR has invested over $66 million dollars to expand our production capabilities in the 150 mm facility and has increased the staff by more than 100. With the great skill sets available here in Wales and greater Europe, and our strong relationships with the Welsh Assembly and Welsh Development Agency, we are ahead of our original expansion plans. These circumstances coupled with strong market demand lead to our decision to bring the 200 mm facility on-line," said Alex Lidow, IR's CEO.
First Minister Rhodri Morgan said, "International Rectifier is a hugely successful company with an international lead in the semi-conductor market and this announcement will be very warmly welcomed in Newport and South Wales. I am very pleased that the Welsh Assembly Government has played a key role in the company's expansion in Newport through a Regional Selective Assistance (RSA) grant. Our backing for this project has been crucial in securing a future for Newport's semi-conductor manufacturing skill base and demonstrates International Rectifier's commitment to develop skilled R&D and Operations openings here in the region."
Graham Hawker, Chief Executive of the Welsh Development Agency added, "We have been working closely with International Rectifier offering our local knowledge and expertise to ensure that we support the growing needs of the company. The opening of this 8-inch wafer fab is positive news for Newport and testament to the teamwork of the WDA with industry to maximize economic growth opportunities here in Wales."
International Rectifier acquired the Newport facility in 2002. Since that time, the facility has met or exceeded all expectations, including the consolidation of IR's low voltage trench product line production, the doubling of Newport's initial production capacity, and providing exceptional support to IR's low voltage R&D program. These efforts have dramatically accelerated IR's position in this important market segment.
International Rectifier's planned investment of $40 million in IR-Newport will result in more than 120 additional jobs. Furthermore, this investment will also provide the potential to quadruple the facility's production capability in the future.
About International Rectifier
International Rectifier (NYSE:IRF) is a world leader in power management technology. IR's analog and mixed signal ICs, advanced circuit devices, integrated power systems and components enable high performance computing and improve the energy efficiency of motors, the world's single largest consumer of electricity. Leading manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft and defense systems rely on IR's power management benchmarks to power their next generation products. For more information, go to www.irf.com.
IRŪ is a registered trademark of International Rectifier Corporation.
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