Analog Devices Completes Sale of Microphone Product Line to InvenSense
01 Novembre 2013 - 9:10PM
Business Wire
Analog Devices, Inc. (NASDAQ: ADI) today announced that it has
completed the previously-announced sale of the assets of its
microphone product line to InvenSense, Inc. (NYSE: INVN). The total
cash consideration of $100 million paid to ADI includes the
purchase price for the acquired assets related to analog and
digital output microphones, as well as certain support operations.
ADI will record a one-time gain in the fourth quarter of fiscal
year 2013 related to this transaction.
The divestiture allows ADI to further focus on high performance
inertial sensors to serve the high growth opportunities in
automotive, industrial, and healthcare applications.
Additional amounts will be payable to ADI over the next twelve
months upon the achievement of certain revenue milestones by
InvenSense based on microphone sales.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars
on which Analog Devices has built one of the longest standing,
highest growth companies within the technology sector. Acknowledged
industry-wide as the world leader in data conversion and signal
conditioning technology, Analog Devices serves over 60,000
customers, representing virtually all types of electronic
equipment. Analog Devices is headquartered in Norwood,
Massachusetts, with design and manufacturing facilities throughout
the world. Analog Devices' common stock is included in the S&P
500 Index.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements address a variety of
subjects including, for example: the potential payment to ADI of
additional amounts based on revenue from sales by InvenSense of
microphones; the expected benefits of the transaction to ADI; and
ADI’s future business strategy. Statements that are not historical
facts, including statements about beliefs and expectations, are
forward-looking statements. Such statements are based on current
expectations and are subject to a number of factors and
uncertainties which could cause actual results to differ materially
from those described in the forward-looking statements. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: ADI may not receive all or any
part of the additional consideration; the transaction may involve
unexpected costs, thereby reducing the net proceeds to ADI; the
expected benefits of the transaction may not be achieved in a
timely manner, or at all; and disruption from the transaction may
adversely affect relationships with customers, suppliers or
employees. For detailed information about factors that could cause
ADI’s actual results to differ materially from those described in
the forward-looking statements, please refer to ADI’s filings with
the Securities and Exchange Commission, including ADI’s most recent
Quarterly Report on Form 10-Q. Forward-looking statements represent
management’s current expectations and are inherently uncertain. We
do not undertake any obligation to update forward-looking
statements made by us.
Investors Contact:Analog Devices, Inc.Ali Husain,
781-461-3282investor.relations@analog.com
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