Cirrus to Buy Apex Micro for $42 Million
12.07.2007 13:49
Computers
- Source: Forbes
Cirrus Logic Inc., a maker of analog and mixed-signal integrated circuits, said Thursday it agreed to acquire fellow chipmaker Apex Microtechnology for $42 million in cash. The company expects the acquisition to grow earnings in the fiscal third quarter of 2008. Apex, based in Tucson, Ariz., has 90 employees. It provides precision high-power analog amplifier products, which are used in driving motors, piezoelectrics, programmable power supplies and other devices that require precision control. In 2006, Apex booked $4 million to $5 million in revenue per quarter. Its quarterly operating expenses range from $1.5 million to $2 million. The deal is expected to close by the end of August. Shares of Cirrus traded up 20 cents to $8.73 in morning trading. _______________ Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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