El Segundo, Calif. --Oct. 31, 2000 -- International Rectifier Corporation (NYSE:IRF - news) today announced that it is expanding its proprietary business with the acquisitions of Lambda Advanced Analog Inc. and Magnitude-3, suppliers of high-value-added power management systems and technology for aerospace, aviation and other high-reliability applications.
IR has entered into an agreement to purchase Advanced Analog and recently completed the acquisition of Magnitude-3. International Rectifier expects to pay approximately $24 million for the two companies, which have annualized revenues of about $28 million. The acquisitions are expected to be accretive within the first 12 months.
Advanced Analog and Magnitude-3 supply benchmark power management systems to global leaders in satellites, launch vehicles, and commercial and military aircraft.
International Rectifier chief executive officer Alex Lidow commented, "These acquisitions reflect our strategic emphasis on proprietary business. Their technology, products, and customers provide an excellent fit and strengthen our leadership position in power management for aerospace and other lucrative high-reliability applications."
John Catrambone, vice president of IR's High-Rel Components and Subsystems business unit, noted, "We are confident that our combined operations will offer a compelling combination of products and services to industry leaders seeking power management solutions for the world's most demanding applications. Our joint management team is enthusiastic about our role in a group that is defining power architectures and setting industry standards."
The acquisition of Advanced Analog is subject to regulatory review and other closing conditions. International Rectifier is a world leader in power management devices and systems that enable information technology and other end products to improve functionality, speed, compactness and portability. IR's analog power ICs, advanced-circuit devices, power systems, and components enable Internet hardware to gain speed and reliability, allow portable electronics to run longer off a single charge, improve automotive fuel efficiency, and cut energy consumption in home appliances and industrial motors.
International Rectifier is the pioneer and market leader in the $4 billion power MOSFET industry, and more than 20 companies are licensed under its power MOSFET patents. IR serves market leaders around the world, and more than half its revenue comes from outside the United States.
Forward-Looking Statements are omitted