Garden City, NY and San Francisco, CA - April 11, 2005 -- Golden Gate Capital and TDK U.S.A. Corporation, a subsidiary of Japan-based TDK Corporation (NYSE: TDK) and regional headquarters for TDK's operations in the Americas, announced that Golden Gate Capital has acquired TDK Semiconductor Corporation for an undisclosed sum.
The acquired company will continue to be led by the current management team and its headquarters and operations will remain based in Irvine, California. The acquired company will continue to be called TDK Semiconductor Corporation for a short transition period until a new name has been established. The company is a leader in the design and manufacture of advanced analog and mixed-signal integrated circuit products for consumer, communications, and industrial applications for a large number of global leading customers.
"We are excited to partner with management in acquiring TDK Semiconductor Corporation," stated David Dominik, Managing Director of Golden Gate Capital. "We are impressed with the management team, outstanding products and opportunity to build a world class semiconductor corporation."
"The sale of TDK Semiconductor Corporation will allow us to focus more on the core businesses of TDK and better ensure that the long term objectives of the company are achieved," said Francis J. Sweeney, Jr., President of TDK U.S.A. Corporation.
About Golden Gate Capital
Golden Gate Capital (www.goldengatecap.com) is a San Francisco-based private equity investment firm with approximately $2.5 billion of capital under management. Golden Gate is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. The firm targets investments of up to $100 million in situations where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide range of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing.
About TDK U.S.A. Corporation
TDK U.S.A. Corporation is a wholly owned subsidiary of TDK Corporation (NYSE: TDK) and regional headquarters for TDK's operations in the Americas. These subsidiaries are engaged in the manufacture, sale and distribution of magnetic heads for HDD, recording media, electronic materials and components, and ICs and wireless networking products.