IXYS Offers to Purchase Westcode Semiconductors
IXYS Corp. (Santa Clara, CA) announced that it has made an offer to acquire for cash 100 percent of the equity of Westcode Semiconductors Ltd. (UK). The IXYS offer is contingent upon the satisfactory completion of due diligence by IXYS, approval of the proposed transaction by the IXYS board of directors and the execution of definitive agreements providing for the transaction. Westcode has agreed to enter into exclusive negotiations with IXYS, and the parties hope to complete the proposed acquisition in January 2002.
Westcode has an international reputation for the research, development, manufacture, sales and marketing of high power semiconductor devices, including 2.5kV and 5.2kV IGBT press packs. Westcode also has a strong presence in the USA, Europe and Japan, serving customers in induction heating, welding, motor controls (ac and dc drives), traction, electric vehicles and HVDC markets.
“We have known Westcode and its management team as a customer and a supplier, and realize that their products would fit our growth strategy into higher power semiconductors and would thus extend IXYS' market reach,” said Nathan Zommer, CEO and president of IXYS. “The proposed acquisition of Westcode would bring to IXYS, technical and manufacturing expertise in very high-power products as well as access to a wider range of customers.”