Micrel Acquires Electronic Technology
Micrel Inc. (Rock Taven, NY) has acquired Electronic Technology Corp. (Huxley, Iowa), a privately held developer of power management and mixed signal products. Due to ETC's product portfolio of power supply supervisor products and custom ICs for the automotive market, Micrel expects the acquisition will strengthen its market value as a supplier of mixed signal and analog ICs.
Electronic Technology has 12 employees who will perform research and development, marketing, testing, and quality assurance. Under the terms of the agreement, Micrel issued 76,120 shares of common stock in exchange for the outstanding shares of capital stock of Electronic Technology, making the deal worth roughly about $6.1 million.
Electronic Technology recorded revenues of approximately $2.6 million in 1999.