IXYS Announces Acquisition of ClareMay 13, 2002 by Jeff Shepard
IXYS Corp. (Santa Clara, CA) announced that it is acquiring Clare Inc. (Beverly, MA) for about $55.0 million in stock. The acquisition, which is subject to customary closing conditions, including shareholder approval, is expected to close in the second quarter or early in the third quarter.
"There is a strong fit between the two companies," said Clare President and CEO Larry Mihalchik. "While we share many common business attributes, we expect that the synergies created by the combination of our diverse technologies, product lines and customer bases will be a source of strength for the combined company, and represents one of the principal opportunities presented by this merger."
"We believe that our complementary product lines will provide the opportunity for the combined company to reach customers in new markets worldwide," said IXYS Founder and CEO Nathan Zommer. "The anticipated operational synergies resulting from the combination of our two companies are expected to significantly improve the financial performance of the operations contributed by Clare to the combined company."