IDT Acquires Fox Electronics
April 30 2012 - 4:10PM
Business Wire
Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI), the
Analog and Digital Company™ delivering essential mixed-signal
semiconductor solutions, today announced that it has acquired Fox
Electronics, a leading global supplier of frequency control
products (FCPs), in an all-cash transaction for approximately $30
million, of which $26 million was paid at closing. Fox Electronics’
revenue was approximately $23 million in calendar year 2011, and
the company is profitable.
“Fox’s crystal, crystal oscillator and innovative XpressO
products combined with IDT’s award-winning CrystalFree™ solutions
make us the industry’s most comprehensive one-stop shop for
frequency control products,” said Ted Tewksbury, president and CEO
at IDT. “In addition, Fox helps accelerate the adoption of
CrystalFree by enabling customers to purchase pMEMS and CMOS
solid-state oscillators alongside traditional quartz-based
components through an established and trusted sales channel.”
“Everyone within Fox Electronics is enthusiastic about this
exciting new direction with IDT,” said E.L. Fox, Jr., president at
Fox Electronics. “With IDT’s frequency control products, including
CrystalFree technology, and their number one position in silicon
timing, Fox’s product portfolio and industry leadership in the
frequency control market will be a great fit.”
Fox Electronics, a private company based in Florida, is a world
leader for frequency control solutions with an expansive portfolio
including the XpressO family of revolutionary quick-turn oscillator
products, quartz crystals, voltage-controlled crystal oscillators
and more. Fox’s FCP-focused sales team will be a valuable asset to
grow IDT’s crystal and CrystalFree product offerings.
About IDT
Integrated Device Technology, Inc., the Analog and Digital
Company™, develops system-level solutions that optimize its
customers’ applications. IDT uses its market leadership in timing,
serial switching and interfaces, and adds analog and system
expertise to provide complete application-optimized, mixed-signal
solutions for the communications, computing and consumer segments.
Headquartered in San Jose, Calif., IDT has design, manufacturing
and sales facilities throughout the world. IDT stock is traded on
the NASDAQ Global Select Stock Market® under the symbol “IDTI.”
Additional information about IDT is accessible at www.IDT.com.
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IDT and the IDT logo are trademarks or
registered trademarks of Integrated Device Technology, Inc. All
other brands, product names and marks are or may be trademarks or
registered trademarks used to identify products or services of
their respective owners.
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