SANTA CLARA, Calif.,
Sept. 23, 2011 /PRNewswire/ -- Texas
Instruments Incorporated (TI) (NYSE: TXN) today announced the
acquisition of National Semiconductor (NYSE: NSM) is complete.
"National is now a strategic part of TI's Analog growth engine.
Together, we're focused on accelerating semiconductor innovation to
improve performance and power efficiency for our customers'
electronic systems," said Rich
Templeton, TI's chairman, president and chief executive
officer.
More than 5,000 National employees will immediately become part
of TI. The two companies will begin the work to integrate
National as a unit of TI's Analog business, which will have a
combined portfolio of nearly 45,000 analog products, strong
customer design tools, and a sales force that is 10 times larger
than National's previous footprint.
"The closing of this transaction allows TI to expand its market
presence with more leading-edge analog products, greater
manufacturing capacity, and the largest sales and applications team
in the industry. Together, we will serve more customers in
more markets," Templeton said.
The transaction, announced on April 4,
2011, cleared all required regulatory reviews and was
approved by National's shareholders. TI will include National's
contribution to financial performance in the company's
third-quarter earnings announcement on October 24.
With today's close, TI's Analog semiconductor business now
represents more than 50 percent of the company's revenue.
TI will continue to operate National's manufacturing sites,
located in Maine, Scotland and Malaysia, as well as business headquarters in
Santa Clara and sales/design
support around the world.
For more information, see www.ti.com/deliveringmoretogether.
About TI
Texas Instruments semiconductor innovations help 80,000
customers unlock the possibilities of the world as it could be –
smarter, safer, greener, healthier and more fun. Our
commitment to building a better future is ingrained in everything
we do – from the responsible manufacturing of our semiconductors,
to caring for our employees, to giving back inside our
communities. This is just the beginning of our story.
Learn more at www.ti.com.
Forward-Looking Statements
This release includes forward-looking statements intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by phrases
such as "TI will" or other words or phrases of
similar import. Similarly, statements herein that describe
TI's business strategy, outlook, objectives, plans,
intentions, or goals also are forward-looking statements.
All such forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those in forward-looking statements, including: the
ability of TI to successfully integrate National's operations,
product lines and technology and realize additional opportunities
for growth; the ability of TI to realize synergies in terms of
growth and cost savings; and the other risks and important factors
contained and identified in TI's or National's most recent Annual
Report on Form 10-K and other SEC filings of the companies that
could cause actual results to differ materially from the
forward-looking statements. The forward-looking statements
included in this release are made only as of the date of this
release, and TI undertakes no obligation to update the
forward-looking statements to reflect subsequent events or
circumstances.
TXN-C
SOURCE Texas Instruments Incorporated