CP Clare Corp. cancels German acquisition.LEXINGTON, Mass.--(BUSINESS WIRE)--Jan. 9, 1996--CP Clare Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPCL CPCL Chennai Petroleum Corporation Limited CPCL Computer Program Change Library CPCL Computer Program Control Library CPCL Component Prioritized Collection List ) a recognized world leader in the semiconductor and electromagnetic relay marketplace, announced today it will not purchase the reed relay As a relay is a switch controlled by an electromagnet, so a reed relay is one or more reed switches controlled by an electromagnet. The contacts are of magnetic material; thus the electromagnet acts directly on them rather than requiring an armature to move them. business of Elfein Electrofeingeratebau GmbH. of Frankfurt, Germany. "As we proceeded with our due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process, we found that several of Elfein's product lines did not fit our business strategy," stated Arthur R. Buckland, president and chief executive officer. "More importantly, the deeper we delved into their operations, it became very apparent that we are better resourced within CLARE to design and manufacture these reed relay products and our worldwide name recognition will enable us to gain, in a relatively short time, increased market share. "It continues to be our policy," Buckland continued, "not to be afraid to walk away from an acquisition, at any stage in the negotiations if we find it does not add the technology, product or market opportunity we expect." -0- CP Clare Corp. is a leading provider of semiconductor and electromagnetic relays, switches, and specialized electronic components to world's foremost manufacturers of electronic equipment. CONTACT: CP Clare Linda Sadowski, Investor Relations Investor relations The process by which the corporation communicates with its investors. 617/863-8700 ext. 750 or Karin Jans, Marketing Communications +32-12-390400 ext. 415 |
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