SAN JOSE, Calif., March 15, 2012 /PRNewswire/ --Micrel, Inc.
(Nasdaq: MCRL), an industry leader in analog, high-bandwidth
communications and Ethernet IC solutions, today announced it has
signed a definitive agreement to acquire a controlling interest in
PhaseLink Company Limited, a private company based in Taiwan and Silicon Valley. The acquisition is
intended to complement Micrel's high performance clock generation
and distribution products for the communication market, as well as
expand its offerings into the consumer and industrial
markets. The transaction is expected to close in the second
quarter of 2012. Micrel currently expects the acquisition to be
dilutive to earnings per share by approximately $0.02 per share on a non-GAAP basis in 2012 and
accretive within 18 months of closing. Micrel expects to
operate PhaseLink as a wholly owned subsidiary.
PhaseLink provides high performance integrated timing solutions
to system and oscillator manufacturers. PhaseLink's Crystal
Oscillator chips (Ultra-Low Jitter Analog Frequency Multipliers and
PhasorVI VCXO and XO) are targeted at high-performance
communications and storage markets. Its programmable clocks meet
the needs of demanding consumer, mobile and industrial
applications. PhaseLink enjoys a global customer base in these
markets.
"The acquisition of PhaseLink substantially enhances Micrel's
penetration into the timing market. Micrel's and PhaseLink's
technologies and products are well aligned from a strategic
perspective, bringing more best-in-class products to broader
markets and a worldwide customer base," noted Ray Zinn, Chairman and CEO,
Micrel. "High-performance products, dependable quality, and
timely support are the hallmarks of Micrel customer
satisfaction. With this acquisition, along with the recently
released ClockWorks™ Flex products, Micrel plans to be a one-stop
shop for our customers' high-performance clock and timing
needs."
About PhaseLink
PhaseLink Company Limited is a recognized leader in mixed
signal technology for timing source and signal conditioning ICs, in
the areas of communications, data storage, and consumer products,
and an innovator of many first to market products such as Analog
Frequency Multipliers, DualCore LCVCO Multiplier, Triangular
Modulation SST and PicoPLL. PhaseLink is principally focused on
providing high performance frequency timing (XO, VCXO, EMI
Reduction, Programmable Clocks, fanout buffers, and ZDBs) clock IC
solutions. Phaselink was profitable in 2011.
About Micrel, Inc.
Micrel, Inc is a leading global manufacturer of IC
solutions for the worldwide analog, Ethernet and high bandwidth
markets. The Company's products include advanced mixed-signal,
analog and power semiconductors; high performance communication,
clock management, Ethernet switch and physical layer transceiver
ICs. Company customers include leading manufacturers of
enterprise, consumer, industrial, mobile, telecommunications,
automotive, and computer products. Corporation headquarters
and state-of-the-art wafer fabrication facilities are located in
San Jose, CA, with regional sales
and support offices and advanced technology design centers situated
throughout the Americas, Europe
and Asia. In addition, the Company maintains an extensive
network of distributors and reps worldwide. Web:
http://www.micrel.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This release includes statements that qualify as forward-looking
statements under the Private Securities Reform Act of 1995,
including statements regarding the Micrel's expectation of closing
the transaction and acquiring control and all of the outstanding
shares of PhaseLink; expected alignment and synergies of Micrel and
PhaseLink products; quality and service and customer satisfaction
with Micrel and PhaseLink products; the anticipated enhancement of
Micrel's product offerings in the timing source and signal
conditioning markets; and potential benefits of the transaction to
Micrel and its customers. Forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially. Those risks and uncertainties
include, but are not limited to, such factors as: the failure of
Phaselink's technology to complement and/or broaden Micrel's
current technologies; the ability of the combined company to create
anticipated synergies and increased product sales as a result of
the acquisition; possible difficulties in combining the operating
plans and cultures of Micrel and Phaselink; the impact of any
current or future acquisitions; continued softness in demand for
our products; economic or financial difficulties experienced by our
customers; the effect of business conditions in the consumer
electronics, telecommunications and industrial markets; the impact
of competitive products and pricing and alternative technological
advances; the worldwide financial situation, and the timely and
successful development and market acceptance of new products and
upgrades to existing products. For further discussion of these
risks and uncertainties, we refer you to the documents the Company
files with the SEC from time to time, including the Company's
Annual Report on Form 10-K for the year ended December 31, 2012. All forward-looking statements
are made as of today, and Micrel disclaims any duty to update such
statements.
Note: Clockworks is a trademark of Micrel, Inc.
SOURCE Micrel, Inc.