AMIS Holdings, Inc. to Acquire the Semiconductor Business of Flextronics.POCATELLO, Idaho Pocatello (IPA: [po kə tɛ lo]) is the county seat and largest city of Bannock CountyGR6 -- AMIS A·mis , Kingsley 1922-1995. British writer best known for his novels, including Lucky Jim (1954) and Jake's Thing (1978). Holdings, Inc. (Nasdaq:AMIS), parent company of AMI Semiconductor AMI Semiconductor is a company engaged the design and manufacture of customer specific integrated circuit solutions, including solutions for the automotive, medical and industrial markets. Among its products are products that integrate processing of analog and digital signals. , a designer and manufacturer of state-of-the-art integrated mixed-signal products and structured digital products for the automotive, medical and industrial sectors, today announced it entered into an agreement to acquire the semiconductor division of Flextronics for $135 million in cash. Flextronics Semiconductor specializes in custom mixed-signal products, imaging sensors and digital ASICs including FPGA (Field Programmable Gate Array) A type of gate array that is programmed in the field rather than in a semiconductor fab. Containing up to hundreds of thousands of gates, there are a variety of FPGA architectures on the market. conversion products. The proposed sale, structured as an asset purchase agreement, includes these three divisions, which collectively employ approximately 200 people in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the Netherlands and Israel. "This acquisition represents a great opportunity for AMI Semiconductor to increase our market presence, to enhance the value we provide our customers and to strengthen our relationship with Flextronics going forward," stated Christine King Christine Elizabeth King is a British historian and university administrator. She is currently Vice-Chancellor and Chief Executive of Staffordshire University.[1] , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , who will be speaking today at AMI Semiconductor's analyst day in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . "The mixed-signal business will enhance our product offering and expand our presence, especially in our target markets. The digital product line will further extend our leadership in FPGA conversions and the imaging product line will diversify our analog capability." "AMI Semiconductor represents the ideal fit for the acquisition of our semiconductor business. AMI Semiconductor's world class products, customer focus and services are highly complementary to those offered by Flextronics Semiconductor and we could not be more pleased with today's announcement," said Michael E. Marks, CEO of Flextronics. He added, "The sale of Flextronics Semiconductor is consistent with our intent to maximize shareholder value by focusing on our vertically integrated EMS offering, which includes design, manufacturing and logistics services, providing our customers with a more focused solution to better meet their requirements." The transaction is expected to close during the third calendar quarter and is subject to certain customary closing conditions, including governmental approvals. This information as well as additional information from the analyst day meeting in San Francisco is available on the AMIS Investor Relations Investor relations The process by which the corporation communicates with its investors. Web site at http://www.amis.com/investor_relations. About Flextronics Headquartered in Singapore (Singapore Reg. No. 199002645H), Flextronics is a leading Electronic Manufacturing Services (EMS) provider, focused on delivering innovative design and manufacturing services to automotive, medical, industrial and technology companies. With fiscal year 2005 revenues of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $15.9 billion, Flextronics helps customers design, build, ship and service electronics products through a network of facilities in over 30 countries on five continents. This global presence provides customers with complete design, engineering and manufacturing resources that are vertically integrated with components to optimize their operations by lowering their costs and reducing their time to market. About AMI Semiconductor AMI Semiconductor (AMIS) is a leader in the design and manufacture of silicon solutions for the real world. As a widely recognized innovator in state-of-the-art integrated mixed-signal products, mixed-signal foundry services and structured digital products, AMIS is committed to providing customers with the optimal value, quickest time-to-market semiconductor solutions. Offering unparalleled manufacturing flexibility and dedication to customer service, AMI Semiconductor operates globally with headquarters in Pocatello, Idaho, European corporate offices in Oudenaarde, Belgium, and a network of sales and design centers located in the key markets of the North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and the Asia Pacific region. Forward Looking Statements Statements in this press release other than statements of historical fact are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements include statements relating to the proposed acquisition of the semiconductor division of Flextronics. These forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements. These risks include that the conditions to closing the transaction may not be satisfied. The Company does not intend to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release. |
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