International Rectifier to Acquire Zing Technologies and Omnirel Subsidiary
International Rectifier (IR, El Segundo, CA) and Zing Technologies Inc. (Valhalla, NY) recently announced that IR has agreed to acquire all of the outstanding shares of Zing for a cash purchase price of $15.36 per share. Zing's wholly-owned subsidiary and sole-operating business, Omnirel LLC (Leominster, MA), supplies power semiconductor modules and components.
The purchase price for the transaction is approximately $28.5 million. IR will commence a cash-tender offer for the outstanding shares of Zing by early February and expects to complete the tender offer in March.
"This acquisition accelerates the growth of our proprietary control and subsystems business, enhances our product offerings for aerospace and other lucrative high-reliability applications, and provides greater access to customers who can benefit from the combination of IR and Omnirel technologies to manage their power requirements," said IR CEO Alex Lidow.
The control and subsystems business of the combined operations has annual revenues of about $100.0 million.
Robert E. Schrader, Zing Technologies chairman and CEO, said, "Our board of directors has unanimously approved the proposed acquisition as being in the best interests of Zing and its shareholders. The combination of Omnirel with IR represents an excellent strategic fit."