International Rectifier to Acquire ATMIís Epitaxial Services Operation
EL SEGUNDO, Calif. June 2004 - International Rectifier Corporation (NYSE:IRF), a world leader in power management technology, today announced that it has entered into a definitive agreement to acquire the specialty silicon epitaxial services business of ATMI, Inc. (Nasdaq: ATMI), subject to customary closing conditions and certain third-party approvals.
International Rectifier (IR) has been a major, long-term customer of ATMIís specialty epitaxial services business, located in Mesa, Arizona. IR CEO Alex Lidow said, "This group has provided excellent service to us over the years, and we are excited to have these employees join the IR team. They will bring innovative knowledge and expertise in specialty silicon and silicon germanium epitaxy, as well as key intellectual property for improving epitaxy deposition throughput and lowering production costs."
Under the terms of the agreement, IR will pay ATMI up to $41 million in cash for the operations and assets of the group, including related intellectual property, fixed assets, and inventory. Approximately 90 employees will join IR as part of the agreement. The transaction is expected to close in the September quarter, and IR expects the acquisition to be accretive within the first 12 months.
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 reduce energy waste in 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.
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