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Sirenza acquires RF component manufacturer

Posted: 10 Apr 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Sirenza Microdevices? Premier Devices? acquisition?

Sirenza Microdevices Inc. announced that it had completed the acquisition of Premier Devices Inc. (PDI), designer, manufacturer and marketer of complementary RF component products. PDI is headquartered in San Jose, with design and manufacturing operations in China and Germany.

Under the terms of the agreement, the consideration paid to PDI consisted of 7 million newly-issued shares of Sirenza common stock, $14 million in cash and $6 million in promissory notes due in April 2007.

For the year ended Dec. 31, 2005, PDI's net sales totaled $45.1 million and net income totaled $4.5 million. Sirenza expects the acquisition to be accretive to its Q2 and full year 2006 earnings on a pro forma basis. The company also expects the combined company's net cash flow from operations to be positive for FY2006.

"PDI's passive and active RF components and its considerable manufacturing capabilities in China and Germany complement Sirenza's RF core competencies and further our ability to provide high-performance, price competitive products to our global customer base," said Robert Van Buskirk, president and CEO of Sirenza. "We believe combining PDI's capabilities with our own will enhance our competitive strength and result in a larger, profitable company."

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