Cirrus Logic Closes Sale of Digital Video Product Line Assets
June 30 2005 - 4:30PM
Business Wire
Cirrus Logic Inc. (Nasdaq:CRUS) today announced that it has
completed the sale of its digital video product line assets to
Magnum Semiconductor Inc., a privately held company formed by an
investment group led by Investcorp and August Capital. By selling
these assets, Cirrus Logic is focusing on its core analog,
mixed-signal and embedded integrated circuit (IC) product lines for
audio and industrial markets. The transaction is structured as an
asset sale. Cirrus Logic will retain a minority equity ownership
position in Magnum Semiconductor and will account for this under
the cost method of accounting. Cirrus Logic will discuss the
financial details related to this asset sale during its first
fiscal quarter of 2006 quarterly conference call scheduled for
Wednesday, July 20, 2005 at 5 p.m. Eastern Time (ET). Cirrus Logic
Inc. Cirrus Logic develops high-precision analog and mixed-signal
integrated circuits for a broad range of consumer and industrial
markets. Building on its diverse analog mixed-signal patent
portfolio, Cirrus Logic delivers highly optimized products for
consumer and commercial audio, automotive entertainment and
industrial applications. The company operates from headquarters in
Austin, Texas, with offices in Colorado, Europe, Japan and Asia.
More information about Cirrus Logic is available at www.cirrus.com.
Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.
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