Rad-hard, power IC supplier, International Rectifier, acquired by Infineon Technologies
EL SEGUNDO, Calif. Officials at Infineon Technologies AG in Munich, Germany announced that the company has completed its purchase of radiation-hardened (rad-hard), power semiconductor provider International Rectifier, in El Segundo, Calif., for about $3 billion.
Infineon CEO Dr. Renihard Ploss says the acquisition expands his company's market share globally in market leader in power semiconductors. Ploss will lead the combined company along with Arunjai Mittal, Member of the Management Board Regions, sales, marketing, strategy development and mergers and acquisitions, and Dominik Asam, Infineon CFO. Robert LeFort is president of International Rectifier and of Infineon North America .
Benefits of the acquisition for International Rectifier include an expanded product portfolio as well as an ability to reach new customers in regions such as the U.S. and Asia. The merger company expertise in power semiconductors for space an other markets, while also combining knowledge in compound semiconductors such as Gallium Nitride.
Infineon reported sales of Euro 4.3 billion in their 2014 fiscal year. The company has with about 29,800 employees worldwide. International Rectifier had 2014 fiscal year revenues of $1.1 billion and has about 4,100 employees.
When the merger was announced last summer, the Board of Directors of International Rectifier and Infineon’s Supervisory Board unanimously supported Infineon's offer to pay $40 per outstanding share. Afterward, all regulatory authorities had approved the acquisition – as did the shareholders of International Rectifier with a majority of 99.5 percent of all votes cast.
Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY).