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 WILSONVILLE, Ore., Jan. 3 /PRNewswire/ -- Tektronix, Inc. (NYSE: TEK) and Maxim Integrated Products, Inc. (NASDAQ-NMS: MXIM) announced today that they have signed a letter of intent for Maxim to acquire Tektronix' Integrated Circuits Operation (ICO). In addition, the two companies have reached an understanding to form a joint venture for the operation of Tektronix' Hybrid Circuits Operation (HCO).
 The ICO transaction would involve the purchase of assets and facilities for an undisclosed amount of cash and a long-term agreement for Maxim to supply components to Tektronix. Maxim would also continue to supply integrated circuit products to existing Tektronix customers. The hybrid circuits joint venture also would supply products to Tektronix, as well as to Maxim and other customers.
 Upon completion of the transactions, Tektronix ICO and HCO employees would be offered employment with the new operations, to be based in their current Beaverton, Ore. location.
 Tektronix Chairman and and Chief Executive Officer Jerome J. Meyer said, "This transaction would represent a major step forward toward our goal of reducing Tektronix' vertical integration. We are extremely pleased about the prospect of a strategic relationship with a world class supplier like Maxim. This partnership would assure continued high quality component supply to us and to our customers, as Maxim has clearly demonstrated its ability to operate a high quality, low cost component manufacturing business with a focus on meeting their customers' business needs."
 Maxim Chairman, President and Chief Executive Officer John F. Gifford said, "This partnership would contribute significant growth potential and is a strategic fit to Maxim's long-term product and market direction. The synergy it provides would help us achieve our common objective of world-class product leadership through technology and low-cost manufacturing. We are very excited about having a partner and customer of the technical and market significance of Tektronix." Gifford also noted that upon completion of the transaction, Tektronix would become Maxim's largest customer.
 The understanding is subject to negotiation and execution of definitive agreements and other conditions.
 Tektronix is a leading manufacturer of electronic products in the areas of test and measurement, computer graphics and television systems. The company is headquartered in Wilsonville, Oregon and has operations worldwide.
 Maxim designs, develops, manufactures and markets a broad range of linear and mixed-signal integrated circuits for use in a variety of electronic products manufactured by Maxim's customers throughout the world. Maxim is headquartered in Sunnyvale, California.
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 /CONTACT: Media, Shelley Potter, 503-685-4086, or Analyst, Doug Shafer, 503-685-4111, both of Tektronix; or John F. Gifford, chairman, president and chief executive officer of Maxim, 408-737-7600/

CO: Tektronix Inc.; Maxim Integrated Products Inc. ST: Oregon, California IN: CPR SU: TNM JVN

IC-RB -- SE005 -- 8613 01/03/94 16:11 EST
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Publication:PR Newswire
Date:Jan 3, 1994

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