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SMSC buys out minority interest in SMSC Japan

Posted: 19 Jan 2004 ?? ?Print Version ?Bookmark and Share

Keywords:standard Microsystems? smsc? networking? usb?

Standard Microsystems Corp. (SMSC) has purchased the minority interest in SMSC Japan from Sumitomo Metal Ind. Ltd, resulting in an increase in SMSC's book value by about $0.35 per share.

Prior to this purchase, Sumitomo owned 20 percent of the issued and outstanding common stock and all of the non-cumulative, non-voting 6 percent preferred stock of SMSC Japan. As a result of this transaction, SMSC Japan has become a wholly owned subsidiary of SMSC.

"The decision to move to 100 percent ownership of SMSC Japan further strengthens our global infrastructure," said Steven J. Bilodeau, chairman, president and CEO. "SMSC Japan has long been considered a key contributor to our efforts in building global market share. Completion of this transaction enhances our ability to capitalize on emerging business opportunities in consumer applications for networking and USB connectivity and for PC I/O applications as the market for desktop and notebook PCs grows in Japan."

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