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Microchip to acquire fabless semiconductor company

Posted: 27 May 2002 ?? ?Print Version ?Bookmark and Share

Keywords:Microchip Technology? semiconductor? PowerSmart? embedded control IC? battery sensor?

Microchip Technology Inc. has signed a definitive agreement to acquire fabless semiconductor company PowerSmart Inc. for about $54 million.

PowerSmart develops and sells high-accuracy field-programmable embedded control ICs and battery sensors based on these ICs. In 2001, PowerSmart posted net sales of about $1 million. Microchip expects it to contribute about $7 million to $8 million in revenue in fiscal 2003 and about $14 million to $16 million in revenue in fiscal 2004.

"This acquisition will complement Microchip's microcontroller offerings in the office automation, consumer and automotive market segments by strengthening our position in battery management applications such as laptop computers, PDAs, cellular telephones, digital cameras, digital camcorders, uninterruptable power supplies and hybrid electric vehicles," said Steve Sanghi, Microchip president and CEO.

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