Aeroflex agrees to purchase MIC Technology.PLAINVIEW, N.Y.--(BUSINESS WIRE)--Feb. 14, 1996--Aeroflex Incorporated (NYSE NYSE See: New York Stock Exchange Symbol: ARX), announced today that it has agreed to purchase MIC Technology Corp. for approximately $37,000,000. This substantially all cash transaction is expected to close on or about March 25, 1996 and is conditioned upon completion of a $38,000,000 credit facility with NatWest Bank N.A. and Chemical Bank. This credit facility provides for approximately $10,000,000 for working capital purposes. MIC Technology is among the largest merchant (non-captive) suppliers of high frequency thin film circuits thin film circuits: see microelectronics. and interconnect products in the world. These advanced devices are emerging as a key enabling technology for miniaturized, high frequency, high performance electronic products for rapidly growing markets such as wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. (which includes cellular telephones and Personal Communication Service devices), cable TV, and microwave data links. It continues to be an important technology in satellite based communications hardware and leading edge military electronics products. MIC is headquartered in North Andover North Andover (ăn`dōvər), town (1990 pop. 22,792), Essex co., NE Mass., on the Merrimack River, in a dairy and farm area; settled c.1644, set off from Andover and inc. 1855. , Mass. and has engineering and manufacturing facilities in Richardson, Texas Richardson is a suburb in Dallas County and Collin County, Texas. As of the 2000 census, the city had a total population of 91,803, while according to a 2006 estimate, the population had grown to 99,200. and Pearl River Pearl River, uninc. village (1990 pop. 15,314), Rockland co., SE N.Y., near the N.J. line. It is a residential suburb of New York City, and a computer and telecommunications research and development center. Pearl River River, central Mississippi, U. , N.Y. For its most recent fiscal year ended Oct. 31, 1995, MIC reported sales of approximately $25,000,000 with average revenue growth of over 33% for the past three years. Leonard Borow, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Aeroflex Incorporated, commented, "As the transition to the next generation of higher frequency electronic devices accelerates in the wireless communications industry, we believe the demand for MIC's technology and products will continue to grow rapidly. We further believe that with the combination of MIC and Aeroflex' existing microelectronics business, we will become a key factor in providing a more 'total solution' for our customers." Aeroflex Incorporated, headquartered in Plainview, Long Island, designs and manufactures advanced electronics systems and components, including microelectronics, instrument products and electro-optical devices, primarily for the government and the defense industry. It also designs and manufactures shock and vibration stabilizing systems used for commercial, industrial and defense applications. CONTACT: Aeroflex Incorporated, Plainview Michael Gorin, 516/694-6700 |
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